President of Armenia Armen Sarkissian has arrived on a working visit to the UAE where he attended the ceremony of signing of formal agreement between the Armenian National Interests Fund (ANIF) and Masdar company.

The agreement envisages development of solar power projects with a total capacity of 400 megawatts (MW) in Armenia, an investment of between $300 million and $320 million into the Armenian economy.

The first project planned under the JDA is a 200MW utility-scale solar photovoltaic (PV) plant in the west of Armenia that will use cutting-edge bifacial technology to produce electricity from both direct and reflected sunlight.

 After the ceremony President Sarkissian met with Suhail Al Mazrouei, the UAE Minister of Energy and Industry and Khaldoon Al Mubarak, Chief Executive Officer of Mubadala Investment Company.

Minister Al Mubarak  noted that the relations between Armenia and UAE have been developing thanks to the efforts by President Sarkissian. He added that there a few presidents in the world who are capable of pursuing such a diverse policy and have a good idea of how the economy works.

President Sarkissian, in turn, noted that this cooperation creates a solid background for further interaction. He offered to consider Armenia as a platform to enter the big market of the Eurasian Economic Union.

President Sarkissian also attended the Mubadala business forum.