The Emirates have moved ahead of Russia in terms of investment in Armenia. Thus, the net inflow of investment into the Armenian economy from the UAE in the first half of 2023 reached $268 million, of which 98% came from foreign direct investment FDI ($262 million). Both indicators increased impressively year-on-year – 52 and 56 times, respectively. Russia, shifted to second position, increased the net flow of investments into the Armenian economy more modestly - by 84% to $225.4 million. At the same time, the Russian Federation increased FDI by 2 times - to $307 million. The Top 5 investors in the Armenian economy also included Luxembourg, Canada and Georgia. Investments from the UAE, USA, Canada, Germany, Switzerland, Luxembourg, Slovenia, Georgia have increased significantly, and previously “in the shadows” Sweden, Saudi Arabia, Greece, Belize, Liechtenstein have resumed investing.