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YEREVAN. – There is a serious competition between Armenia’s oligarchs Samvel Karapetyan and Gagik Tsarukyan, in terms of investments, according to Hraparak (Square) newspaper.

“Aside from constructing a new ropeway in Tsaghkadzor [town], roads, a military unit in Artsakh [Nagorno-Karabakh], Tsarukyan is going to build a health resort center in Jermuk [town], similar to Karlovy Vary [in the Czech Republic], Baden-Baden [in Germany], with mineral water pools—with a 3-4-million-[US]dollar investment (…). And he will invest 6 million [dollars] in the “textile town” being built [in Arinj village in the Kotayk Province].

“For his part (aside from the 1 billion [dollars] pledged over 10 years), Samvel Karapetyan is already completing the construction of the [new] circus [building in capital city Yerevan], the works of the trade center being built [also in Yerevan]. And what is most interesting, he plans to build a giant glass skyscraper (like the skyscrapers of Dubai) near Matenadaran [the Mesrop Mashtots Institute of Ancient Manuscripts in Yerevan], ‘connecting’ old and new Armenias to each other,” wrote Hraparak.

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