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

A UK company, a Greek owner and Netanyahu's former lawyer are all connected to Serbia's Israeli drone venture, raising questions about the true nature of ownership. Serbian President Aleksandar Vucic recently inaugurated a factory that produces Israeli-made drones, aimed at boosting the military and local economy during his re-election bid.

Initially reported as a 51-49 joint venture between Israeli weapons manufacturer Elbit Systems and Serbia's state arms producer Yugoimport-SDPR, the formal records reveal a different structure. The drone factory is owned by SDS Technologies, established in April 2025 under the name Cupa Enterprises, a UK company. The Serbian Business Registry lists Maria Kardamaki (Greek), Zion Amir (Israeli lawyer representing Benjamin Netanyahu), and George Antoine Elghossain (US-Lebanon roots) as the three directors of SDS Technologies as of September 17th.

Cupa Limited, the UK-based company, changed its name to Liberty Blue International Ltd in the UK's Companies House register, with Polychronis Tsianakas as the sole active director. The Israeli Ambassador to Serbia, Avivit Bar-Ilan, attended the factory opening alongside Elbit Systems' executive vice president Ran Kril. The discrepancy between the initial announcement and the formal documents has raised concerns about the true extent of Israeli involvement in this venture.