Assets held by Armenia’s investment companies have risen about sixfold since 2021, climbing from 67 billion drams to more than 400 billion drams, according to Dimension Investments chief executive director Grigor Harutyunyan.
Speaking at the INVESTMENT PERSPECTIVES 2026 forum in Yerevan, Harutyunyan said the industry has posted unprecedented growth in recent years. At the end of 2021, Armenia had 13–14 investment companies; now the total stands at 27, effectively doubling the number of market participants.
Over the same period, the sector’s equity capital increased from 12 billion drams to around 130 billion drams. Harutyunyan said that means the expansion was not driven by leverage and can be regarded as relatively healthy growth.
External drivers and the durability of growth
Harutyunyan said external factors played a major role in the sector’s rapid expansion, including the Russian-Ukrainian conflict. In his view, the impact on Armenia’s investment industry was layered rather than one-dimensional.
Part of the capital that entered Armenia stayed in the country, while another part later left. In the meantime, companies earned commission income and expanded both profits and equity capital. He cautioned, however, that this component of growth may prove less sustainable over time.
At the same time, he said the capital inflow produced longer-term effects as well. It generated strong demand for quality investment services, a broader range of investment products and access to global markets. Armenian investment companies responded by building the necessary infrastructure, which remains in place.
He also pointed to the inflow of skilled professionals into Armenia as another important factor. Those specialists brought experience, expertise and links to foreign markets. Even if some of them eventually leave, Harutyunyan said the connections and infrastructure created in recent years will remain.
Against that backdrop, he did not rule out slower growth in the sector ahead, while stressing that the market infrastructure built over recent years is still resilient.
Companies from new sectors are entering the market
Harutyunyan also highlighted structural and qualitative changes in Armenia’s capital market. He said that in 2024, only five or six of roughly 26 bond issuers came from the non-financial sector.
This year, however, six new non-financial companies have been brought to market and listed in just the past two months. For each of them, it was a first-time entry into the capital market, and together they represent five new sectors.
According to Harutyunyan, some of those companies are already well known in the Armenian market and used by a large share of consumers, but until now they had not tapped the capital market.
