Armenian president, UAE minister of energy and infrastructure discuss  bilateral business ties 

ArmInfo. Armenian President Vahagn Khachaturyan discussed practical steps to strengthen ties between the business communities of the two countries with the Minister of Energy and Infrastructure of the United Arab Emirates (UAE) Suhail Al  Mazrouei and CEO of Etihad Rail Shadi Malacca.

As reported by the press service of the Armenian President, the  parties noted that strengthening cooperation will contribute to the  intensification of economic ties. In this regard, the meeting  participants highly appreciated the stable partnership that has  formed between Armenia and the Emirates, emphasizing the positive  dynamics of the development of bilateral relations.

The parties considered the prospects for implementing various  investment programs in areas of mutual interest to both countries,  emphasizing the importance of realizing the potential of cooperation  in such areas as infrastructure, energy, and high technology. The  interlocutors also agreed to make joint efforts to improve the  investment climate, emphasizing the importance of this process for  the economic development of Armenia and the UAE.

According to the source, the discussion also included an exchange of  views on the implementation of the Armenian government's "Crossroads  of the World" project.

In July 2022, Masdar was declared the winner of the tender for  projects to build the Ayg-1 photovoltaic station. According to the  tender proposal, the company offered a fairly low tariff for the  future solar power plant - $0.0290 excluding VAT per 1 kWh of  electricity.

Note that the Ayg-1 solar power plant, with a capacity of 200 MW,  will be built in the communities of Dashtadem and Talin on an area of  490 hectares. The construction of the facility will be carried out by  the UAE company Masdar, from which the shares of the company created  in Armenia were redistributed (85% of the shares belong to the Arab  company and 15% to the RA government after the liquidation of the  State Interests Fund). The construction of Ayg-1 will contribute to  the growth of the country's energy security. At the same time, as the  Minister of Economy of Armenia Gevorg Papoyan noted in an interview  with Armenian media, the Ministry of Economy is confident that the  construction of the solar station of the Emirati company Masdar will  begin in 2025.

Masdar is a subsidiary of Mubadala Investment Company, UAE, with  total assets of $220 billion and one of the world's leading companies  in the field of renewable energy sources.