Etihad owns a 49% stake in Air Serbia, and the Serbian government owns the other 51%. This was one of the better airline investments previous Etihad management made in its effort to acquire stakes in airlines and redirect their traffic through its hub in Abu Dhabi. But it’s now falling apart.
Etihad has terminated flights from its Abu Dhabi hub to Belgrade, and will reportedly end its codesharing with the carrier it half owns next year.