New Ski Resort and Eco-Agricultural Complex to be Established on the Slopes of Mount Aragats

A new ski and eco-agricultural complex will be constructed in the Aparan community. The total investment volume is $190 million. The government approved the 'Aragats' investment program in the municipality of Aparan, Aragatsotn Province, in its meeting on March 2, and agreed to sell the land plots to the 'Reed' limited liability company through direct sale.

The program envisions creating a new complex on the slopes of Mount Aragats, which will pertain to the villages of Vardenut, Aragats, Arai, and Shenavan. The project will involve the creation of what can be described as a new village on 4,400 hectares, featuring 300 mini-farms and adjacent guesthouses. A reservoir with a capacity of 3 million cubic meters will also be constructed to ensure water access for the agricultural complex. Additionally, a ski complex will be built, comprising 5 ski lift lines and approximately 30 kilometers of ski slopes, hotels, and more. There will be 25,260 square meters of roads and 104,920 square meters of parking roads, along with parking spaces. The overall investment volume will amount to $190 million,” stated Minister of Economy Vahan Kerobyan.

This project was initially presented for discussion in November 2019, with a memorandum of understanding signed in March 2020. However, due to the war, the coronavirus pandemic, and the existence of competing projects, a commission was established by the Prime Minister's directive in August 2021 to approve this particular project. “We are essentially creating a model community that will provide a self-sufficient and sustainable living environment in a high-altitude zone,” emphasized Kerobyan, highlighting the importance of the project.

Essentially, the government grants approval for the direct sale of the land area. “We will make a decision regarding the public interest concerning an area of 113 hectares. Furthermore, we will approve the long-term lease agreement for 3,643 hectares that the Aparan community will conclude. Additionally, the company will also benefit from our 'Infrastructure for Investments' program, through which we will provide certain infrastructural support,” the minister stated.

The executing company for the project is 'Reed.' Deputy Prime Minister Tigran Khachatryan added that an assessment should be conducted by one of the four major audit firms. If the actual investments made by the end of the fourth year do not exceed 20 billion AMD, specific financial penalties are anticipated concerning the shortfall in the amount of actual investments. By the end of the seventh year, the project, in all its components, must be completed. If it is not completed, the investor must either relinquish rights to the leased areas designated by the government or be prepared to pay an annual fee of 500 million AMD for each subsequent year to maintain their leasing rights until all promised investments in the four components are completed.