Middle East carrier Etihad Airways has struck an initial agreement in Belgrade today with the Serbian Government over a possible investment in Jat Airways.
Etihad, which hinted at further co-operation after striking a codeshare with the Serbian carrier earlier this year, has signed a memorandum of understanding with the Serbian Government to advance discussions about an equity investment in Jat.
The Gulf carrier says an investment decision would depend on the "successful completion of a comprehensive due diligence process" and be subject to all regulatory and board approvals.
"These are early days but we are excited about the future and look forward to exploring the possibility of a much deeper strategic commercial partnership with Jat Airways," says Etihad chief executive James Hogan. "As we have demonstrated with our minority equity investments in other airlines, significant on-going savings can be achieved through joint initiatives."
Etihad already has minority investments Aer Lingus, Air Berlin, Air Seychelles, Virgin Australia and most recently India's Jet Airways.