It was a joint-venture between low-cost carrier Air Arabia and the Armenian government-owned Armenia National Interests Fund (ANIF).

[3] In May 2024, it was reported that employees had been informed that the company had started liquidation proceedings following the government approved dissolution of the Armenia National Interests Fund (ANIF), a joint shareholder in the carrier.

[4] The airline was created following a joint-venture agreement signed between Emirati carrier Air Arabia and the recently established Armenia National Interests Fund (ANIF) in July 2021.

The company announced that they are undergoing operational revisions and would resume flights in due course.

The company is required to obtain adequate aircraft within six months in order for the suspension to be lifted.