YEREVAN (Armenpress)–Armenia’s Deputy Prime Minister Armen Gevorgian and his counterpart from the United Arab Emirates Sheikh Saud Bin Sakr al Kasimi Ras al Khaima laid the foundation stone of a residential and commercial center in Yerevan to be erected on a site known as Cascade in downtown Yerevan.
The center will be constructed by Ras al Khaim’s investment company. The cost of the project is $50 million.
Deputy foreign minister Gegham Gharibjanian said the project opened a new page in Armenia’s relations with the United Arab Emirates.
Sheikh Saud Bin Sakr al Kasimi said Armenia’s have a reputation in his country of being hard-working and kind-hearted people and are treated by Arabs as brothers. He said he was happy that a new chapter in bilateral relations had begun.
The United Arab Emirates had already started a number of investment projects in Armenia within the mining, tourism and real estate sectors. It has pledged to invest some $300 million into the mining industry.
President Serzh Sarkisian met Wednesday with the Sheikh. The presidential press service said the meeting was very productive.
“Armenia has always been striving to have friendly relations with the Arab world, including Gulf countries and this is a historical strive,” he said. The Armenian president described the achievemen’s of the UAE in recent years as impressive.