Due to the fact that Etihad Aviation Group did not participate in the recapitalization of Air Serbia, the stake fell from 49 percent to 18 percent. The financial resources were raised exclusively by the Serbian state, so that it now holds 82 percent.

The cooperation between Etihad and Air Serbia is about to end anyway. The golf carrier discontinued the non-stop connection between Belgrade and Abu Dhabi and also terminated the codeshare agreement. The government is currently looking for a new partner and has already found one first interested parties in China.

Air Serbia received a grant of up to US $ 100 million as part of a capital increase. Another 100 million US dollars have already been budgeted for 2021. The funds are brought in as direct grants, through capital increases and in the form of loans. As soon as a buyer has been found for Etihad Airways' 18 percent stake, a decision will also be made to what extent the state will be on board in the future. The government indicated that they want to hold at least 51 percent.