Yerevan’s Sports & Concerts Complex to be sold to private firmAugust 13, 2015 - 16:55 AMT PanARMENIAN.Net - Karen Demirchyan Sports and Concerts Complex nonprofit organization, currently belonging to the Republic of Armenia and RA Defense Ministry, will be sold to NTAA Investment Group LLC at a price of $30 million. According to the government’s decision, the buyer is bound to cover costs of property’s valuation worth AMD 2,120,000, engage in at least 6-month labor contracts with 99 employees currently working at the facility with monthly minimum wages of AMD 55,000, organize up to 5 events on government’s request per year within 10 years’ span. The company must also ensure the people’s right to access Tsitsernakaberd, the Armenian Genocide Memorial freely. By acquiring the Sports and Concerts Complex and redeveloping the surrounding areas, NTAA Investment Group LLC plans to implement a major investment project, total value of which exceeds $100 million. The investment project is scheduled to be implemented within 4 years: the complex will be renovated and turned into a family-oriented center, which will be the first of its kind not only in Armenia, but also in the region. The complex will include hotels, indoor waterpark, concert halls, meeting rooms, restaurants, shops and a casino. The hotels will have more than 350 family rooms, the indoor waterpark will cover an area of more than 18,000 square meters and will operate round-year. The project will provide at least 250 new jobs. The company must also contact international record labels, such as Virgin Records, Sony Records, EMI, while concert centers should cooperate with stars. Top stories The number of state universities will be reduced from 23 to 8 by 2030, Minister of Education, Science, Culture and Sport Zhanna Andreasyan has said. From September 21 to November 11, a total of 2,820 Russians registered at a place of residence in Armenia, the police has said. The situation on the contact line between Karabakh and Azerbaijan was relatively stable overnight, the Defense Army says. Defense Minister Suren Papikyan has visited the southern Armenian province of Syunik, the Defense Ministry reported on March 18. Partner news | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |