KAREN DEMIRCHIAN SPORTS AND CONCERT COMPLEX PUT INTO OPERATION AFTER MAJOR REPAIRS: 42 MILLION DOLLARS INVESTED INSTEAD OF ENVISAGED 15 MILLIONS

Noyan Tapan
Oct 31, 2008

YEREVAN, OCTOBER 31, NOYAN TAPAN. Karen Demirchian Sports and Concert
Complex was put into operation on October 31. It had been sold to
the BAMO Russian company in October 2005, by the decision of the
RA government.

According to company Director Murad Muradian, the company has fulfilled
its commitments on investing 4.5bn drams (nearly 15m USD) within
three years, on keeping the name and the functional significance. The
general figure of investment made nearly 42m USD, that is, more than
three-fold more investments than envisaged were made, the company
bought the landplot under the building, fundamentally repaired the
building, all engineer systems, hot, cold water, heating, sewerage
systems were renovated, the roof was renovated, development work was
done, it is planned to build new parking lots, equipment with modern
sound and light technologies were placed in all halls. The big hall
intended for nearly 8 thousand people and the small hall of the complex
intended for 2200 people were rapaired, a big conference hall will
function in the complex building, which can be also a place to hold
summits. The complex also has halls intended for football, volleyball,
fitness club, a skating-rink will function, hockey and figure-skating
schools will be opened in the building to develop these kinds of
sports in Armenia. The company created 427 jobs with employee lists,
which will be filled by the end of the year. According to M. Muradian,
one day rent of the big hall with all its proper infrastructures costs
80-10m drams (30-33 thousand USD), which, in his words, is 3-4-fold
cheaper than the world tariffs.

The Sports and Concert Complex was operated in 1983 under Karen
Demirchian as Armenia's head, the complex was named after Karen
Demirchian in his memory.

RA President Serzh Sargsyan, Catholicos of All Armenians Karekin II,
Yerevan Mayor Yervand Zakharian were present at the event. The latter
emphasized that the BAMO company has repeatedly managed to exceed the
investment commitments envisaged by the contract signed with the state,
he also said that the work done is of high quality and high-level. "I
am sure that the complex will be turned into a sports and cultural
center in the whole region. Homeland's doors are open before all
businessmen, including those from near and far Diaspora, they have all
possibilities to perfect, to miltiply our national wealth," he said.

Members of Karen Demirchian's family were also invited to the
event. As K. Demirchian's son, Stepan Demirchian, evaluated it, the
work done in the sports and concert complex in general is praiseworthy:
"positive work has been done."