A UK company, a Greek owner and Netanyahu's former lawyer: Who really owns Serbia's Israeli drone venture?

What Happened

Serbian President Aleksandar Vucic inaugurated a new drone production facility in Serbia, which he described as a partnership with Israeli entities. While initial reports suggested a joint venture between the Serbian state arms producer Yugoimport-SDPR and the Israeli manufacturer Elbit Systems, current Serbian business registry records identify the owner as SDS Technologies, a company linked to the UK-based firm Liberty Blue International Ltd. The facility's ownership structure involves directors including Greek citizen Maria Kardamaki, Israeli lawyer Zion Amir, and US-based George Antoine Elghossain, with no formal mention of Yugoimport-SDPR or Elbit Systems in the official corporate filings. Despite the opaque ownership, Elbit Systems executive Ran Kril and Israeli Ambassador Avivit Bar-Ilan attended the opening ceremony.

Key Actors

Why It Matters

The facility represents a strategic expansion of Israel's defense industrial base into Europe, aimed at securing supply chains outside the Middle East. Analysts suggest this move reflects a broader Israeli strategy to build 'weaponised interdependence' with partner nations, while the lack of transparency in the ownership structure highlights ongoing concerns regarding the secrecy of Serbia's defense procurement and its alignment with foreign military suppliers.

Watch For

Monitor for further disclosures regarding the actual ownership of SDS Technologies and potential announcements concerning the three additional factories mentioned by President Vucic. Observers will also track whether Elbit Systems clarifies its formal relationship with the Serbian production site amid scrutiny from defense analysts regarding the discrepancy between initial government announcements and corporate registry filings.