Etihad Airways confirmed on Monday it plans to retain its 49% stake in Air Serbia, though it is not expected to renew its management contract expiring in late 2018. In a statement, the airlines did not provide details on the future of the management contract, but said that Etihad executives currently managing Air Serbia’s operations will leave at the end of this year. Etihad’s plans to retain its Air Serbia stakes come as the loss-making airline undergoes a strategy review that aims to turn around financial performance after some international investments failed. Former Etihad partners Airberlin and Alitalia, in which the Abu Dhabi carrier owned stakes, both filed for administration, leading Etihad to incur millions of dollars in impairments in 2016. Etihad last month also reported USD1.52bn in losses for 2017, marking the airline’s second consecutive year of losses. The remaining 51% stake in Air Serbia is owned by the Serbian government.