Despite claims by Serbian Finance Minister Siniša Mali that Air Serbia acquired new aircraft in 2024, official documents reveal the national airline purchased three used Airbus planes through a $36 million loan from Erste Bank, with all aircraft mortgaged. This contradicts Mali’s public portrayal of “new” fleet expansion.
In the same year, the Serbian government purchased a Falcon 6X aircraft for approximately €47 million, while also initiating payments for 12 Rafale fighter jets from France—totaling €2.7 billion. The state has already paid around €840 million in advance for jets expected to arrive no earlier than 2027.
Despite Air Serbia’s reported 2024 profit of €41.4 million (less than the €50 million Mali claimed), its total liabilities surged to €185.8 million—up from €146 million in 2023 and €108 million in 2021. In 2024 alone, leasing costs for 25 aircraft amounted to €71.4 million.
Air Serbia’s financial health remains questionable, especially since it operated at a loss for most years since its founding, masked by over €225 million in state subsidies between 2014 and 2019. Analysts estimate that, without government support, Air Serbia would have accumulated a €210 million loss between 2014 and 2023.
Etihad’s exit from Air Serbia ownership in 2023 cost the Serbian state €17.4 million for the remaining 16.4% share, bringing the total amount spent to gain full ownership to nearly €150 million. Etihad had gained its 49% stake in 2013 through a loan it itself provided to the airline, benefiting substantially from the partnership through expensive aircraft lease deals and minimal investment.
President Vučić has reportedly approached Qatar Airways about becoming a new strategic partner, but no formal response has been received—a relief to many concerned about further opaque and costly deals.
