On Wednesday, the Armenian National Interests Fund (ANIF) and Air Arabia, the first and largest low-cost carrier (LCC) in the Middle East and North Africa, announced the signing of a deal to create Armenia’s new national airline.
The agreement will see the establishment of an independent joint venture company that will operate as a low-cost passenger airline with Yerevan’s Zvartnots International Airport (EVN) as its base.
The new national airline will support Armenia’s travel and tourism policy, as well as contribute to the country’s economic growth, by offering Armenians a safe and cost-effective air travel option.
“We are excited to launch a new national low-cost carrier for Armenia that will contribute significant value to the economy and energize our travel and tourism sector, David Papazian, Chief Executive Officer of ANIF, said.
Air Arabia’s Group Chief Executive Officer, Adel Al Ali, said the airline saw “tremendous potential for Armenia in developing its airline sector, which would contribute sustainable value to the economy through job creation and the expansion of the travel and tourist sector.”
Based in Yerevan, the new company will adopt the low-cost business model operated by Air Arabia. Work on securing the Air Operating Certificate (AOC) – which allows the airline to start operating- will commence shortly. More details about the launch date, fleet, and destination network will be announced in due course.
Armenia has made significant progress over the last decade, as its tourism economy begins to realize its full potential. In 2019, the travel and tourism sector in Armenia accounted for almost 11.8 percent of the country’s GDP and 12.5 percent of overall employment.
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