Full Breakdown
Serbian Drone Factory Opens Amid Complex Israeli Ties
By Drooid · · How we work
Opening of the Facility
The event was staged without a press invitation; Vucic posted a video on Instagram showing the factory’s exterior, branded “SDS Technologies,” and employees wearing SDS-branded clothing.
Partnership Structure and Ownership
The plant is presented as a joint venture between Israeli defence contractor Elbit Systems and Serbia’s state-owned arms trader Jugoimport SDPR. Elbit Systems has publicly stated that it holds no ownership stake or partnership role in any Serbian UAV manufacturing facility. Business-registry records, however, list SDS Technologies as owned by London-registered CUPA Limited, which is majority-owned by Greek national Athanasios Ramos. CUPA Limited renamed itself Blue Liberty International Ltd. on September 21, four days after the opening. The Serbian government has previously described the arrangement as a 51 % / 49 % split between Elbit and Jugoimport SDPR, but the registry data does not reflect that equity distribution.
Principal Actors
- Aleksandar Vucic – President of Serbia, promoter of the factory.
- Zion Amir – Israeli lawyer representing Prime Minister Benjamin Netanyahu, listed as a director of SDS Technologies.
- Elbit Systems – Israeli defence manufacturer, designer of the Lanius-X, FireFox-X and Magni-X drones slated for assembly.
- Jugoimport SDPR – Serbian state-owned arms trader, cited as the local partner.
- Athanasios Ramos – Greek national, majority owner of CUPA Limited, the ultimate shareholder of SDS Technologies.
Economic and Military Details
The factory will assemble the Lanius-X “eyes-and-ears” drone, the FireFox-X attack drone and the Magni-X reconnaissance drone. Serbian export data show a 42-fold rise in ammunition and weapons sales to Israel since 2023, reaching €114 million by the end of the previous year. Earlier contracts include Elbit’s sale of PULS artillery systems and Hermes-900 combat drones valued at $335 million, and a later August agreement worth $1.6 billion for drones, long-range missiles and electronic-warfare equipment. Open-source aviation data recorded Serbian government flights to Tel Aviv on September 14 and again on September 17, the day of the factory opening.
Official Positions and Future Plans
Elbit Systems reiterated in a written statement that it does not own or partner with any UAV manufacturing facility in Serbia. According to the partnership announcement, the Belgrade plant is expected to be the first of at least three additional defence factories planned across Serbia.