YEREVAN — The World Trade Center Yerevan project, a $470 million public-private investment initiative expected to include the tallest building in Armenia’s capital, has officially entered its implementation phase.

The development will be located at 22 Saryan Street, on the site of the HayPost building, and aims to transform the area into a major international business and commercial center.

As part of the launch ceremony, a management agreement was signed with Hyatt Hotels Corporation. A memorandum of understanding was also signed with UK Export Finance, the United Kingdom’s export credit agency, to explore partial financing for the project.

Speaking at the event, Prime Minister Nikol Pashinyan expressed hope that the development would become a lasting architectural landmark and contribute to shaping Yerevan’s urban identity.

“Buildings, structures, and projects of this kind are not designed for just one or five decades. They are conceived with the expectation of having a history spanning centuries,” Pashinyan said.

He emphasized the importance of long-term planning, arguing that major national development projects should be guided by a vision extending well beyond immediate political and economic priorities.

According to the prime minister, this approach reflects the government’s broader vision of Armenia as an enduring state, with development strategies designed to serve future generations.

The World Trade Center Yerevan development was approved by the Armenian government in 2023 as a major urban redevelopment initiative.

The project’s ownership structure consists of the Republic of Armenia, holding a 19 percent stake; Renshin, with 56 percent; and HayPost, with 25 percent.

With a total planned investment of $470 million, the development is described as one of Armenia’s largest public-private partnership projects.

Beyond its architectural significance, World Trade Center Yerevan is intended to serve as a gateway connecting Armenian businesses with international companies and investors.

Through the global World Trade Centers Association network, the project aims to strengthen international commercial ties, attract investment, and position Armenia as a regional business and trade hub.

The development is expected to contribute to Yerevan’s economic modernization while expanding Armenia’s participation in international trade and business networks.