Serbia to open joint UAV factory with Elbit in September
Serbia is set to open a joint UAV manufacturing facility with Israeli defense firm Elbit Systems in September. The partnership follows a significant $1.63 billion defense contract between the two parties for various military technologies.
Why it matters
This deal highlights the growing international demand for Israeli defense technology and strengthens strategic military ties between Israel and Serbia.
President of Serbia Alexander Vucic announced yesterday that his country was about to open a UAV factory with Israeli company Elbit Systems (TASE: ESLT; Nasdaq: ESLT). The inauguration is expected to take place between September 15 and September 20. Elbit Systems will hold a 51% majority stake in the factory and Serbia's state-owned arms company SDPR will hold 49%.
In August last year, "Globes" reported that a "European country" that asked not to be named had bought defense solutions amounting to $1.63 billion from Elbit Systems. It was quickly discovered that the country in question was Serbia.
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