Friday, November 3 2023 18:00

ArmInfo. The United Arab Emirates (UAE) is the largest investor of foreign direct investment  (FDI) in the real sector of the Armenian economy. Armenian Minister of Economy Vahan Kerobyan announced at a hearing of the draft budget in Parliament on November 3.

Without naming any indicators, he emphasized that for the first time  in the history of Armenia, the UAE is the leader in terms of FDI,  having surpassed the Russian Federation with a net FDI flow of $250  million.  At the same time, Kerobyan said that the net FDI flow from  the EAEU countries amounted to $305 million.  The minister also  presented data on transfers from the EAEU countries, the volume of  which for 9 months of this year reached $3.8 billion with a y-o-y  growth of 31.3%, of which $2.7 billion came from Russia - with a  y-o-y growth of 42%.

According to the RA Statistics Committee data, the net inflow of  investments into the Armenian economy from the UAE in H1 2023 reached  $268 million, of which 98% accounted for FDI ($262 million). Both  indicators increased impressively on a y-o-y terms - 52-56-fold. In  particular, almost all of the UAE's investments were directed to the  mining of metal ore, and the rest to the production of cigarettes,  meanwhile  the UAE has not previously made investments in both  segments. At the same time, investments in the production of  electrical equipment and retail trade were intensified. At the same  time, the UAE reduced investments in aviation, and investments in  food production were completely nullified.