Grigor Ter-Ghazaryan’s career has moved across several parts of Armenia’s economy, from technology and entrepreneurship to steel production, real estate development and cultural projects.
That range is central to the story of GTB Holdings, the business group he founded in 2022. The company now operates across several subsidiaries, including GTB Steel, GTB Tower, GTB Development, GTB Anhaght, GTB Proshyan, GTB Construction, also known as GTBuild, and the GTB Cascade project.
The result is a company built across more than one sector. GTB Holdings connects industrial production, construction, real estate and civic development at a time when domestic capacity remains an important economic priority in Armenia.
From technology to business building
Before founding GTB Holdings, Ter-Ghazaryan worked in technology and business development. His early career included work with Xalt LLC and Xter.net, an Armenian internet provider, along with later business activity connected to technology, regional consulting and development projects.
That background gave him a different route into heavy industry and construction. Rather than entering the sector through a traditional manufacturing path, Ter-Ghazaryan came from systems, operations and entrepreneurship.
His work with the Seaside Startup Summit also reflects that interest in building business ecosystems. Ter-Ghazaryan has been connected to the summit since 2016, and GTB Holdings has supported the event as part of its broader focus on entrepreneurship and innovation. The summit has hosted participants, founders, mentors and investors from many countries, giving Armenian startups a larger platform for visibility and connection.
“My contribution to this event expresses my willingness to help clear the path for those who are new in the market and need assistance,” Ter-Ghazaryan says. “I think that Armenia’s economic future depends not only on established companies but also on the steady emergence of new ones.”
GTB Steel’s role in local production
GTB Steel is one of the clearest examples of the group’s industrial strategy.
Based in Ararat, the company produces reinforcing bar used in construction. The project was originally planned for Yeraskh, near the border, before security risks forced the company to reset and move the operation to Ararat.
The business case is practical. Armenia has long relied on imported reinforcing bar for construction. Local production does not remove that dependence entirely, but it can reduce the need for finished imports and give the country more control over a basic construction material.
GTB Steel currently produces A500C reinforcing bar, with plans to add European grades including B500A, B500B and B500C. The company’s stated annual capacity is about 112,800 tons, with a goal of expanding to 225,600 tons within three years. The plant and related companies employ more than 1,000 people, according to company materials.
Development and the Cascade project
GTB Holdings’ work also extends into urban development.
In 2025, GTB Development won a tender connected to the reconstruction of the Cascade Complex, one of Yerevan’s best-known landmarks. The upper section of the complex has remained unfinished, leaving a visible gap in the city’s central landscape.
According to the project description, GTB Development pledged roughly 20 billion drams, above a 13-billion-dram minimum, plus about 10.449 billion drams for the land’s cadastral value. The planned development includes a cultural hub of roughly 30,000 square meters, a 1,000-seat concert hall, a contemporary art museum, space for state ceremonies and public grounds. The total investment has been estimated at about $385 million.
The project matters because the Cascade is not simply another development site. It is tied to Yerevan’s cultural identity, tourism and public life. That makes execution and public trust central to the project’s long-term value.
Culture and public-facing investment
GTB Development has also become the main partner of the Armenian State Symphony Orchestra.
The partnership is intended to support classical music, cultural programming and opportunities to present Armenian composers internationally. For GTB Holdings, the relationship fits into a broader strategy that links business investment with cultural development.
Private-sector support for cultural institutions can help expand programming and visibility. At the same time, those partnerships carry public expectations because they involve heritage, identity and civic space.
A broader founder story
Ter-Ghazaryan’s work across startups, steel, construction and culture points to a broader pattern: building companies and projects that connect Armenia’s private sector with long-term infrastructure needs.
That startup connection is especially visible through the Seaside Startup Summit, where Ter-Ghazaryan has been involved since 2016. The event has brought together founders, mentors, investors and speakers from many countries, giving Armenian entrepreneurs and regional startups a larger platform for visibility, networking and support.
That does not make execution simple. Manufacturing depends on capacity, quality standards and supply chains. Construction depends on capital and delivery. Cultural projects depend on public acceptance and long-term stewardship.
For GTB Holdings, the next test will be whether rapid expansion can become durable execution.
If the company can manage that transition, Ter-Ghazaryan’s founder story will be less about one business line and more about a broader attempt to connect entrepreneurship, industrial production and urban development in Armenia.
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