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Sources say that ADQ is among the potential bidders for Italy's Catania Airport.

Two sources familiar with this matter have confirmed that Abu Dhabi's sovereign fund ADQ is a possible suitor for the sale of Catania Airport's operator, in Sicily. The fund has also expressed an initial interest in the asset.

Sources, who spoke on condition of anonymity, said that the sale process had not yet begun. However, interest is growing in the asset ahead of any potential launch.

Catania, Sicily's principal airport, is Italy's fifth-busiest airport in terms of passenger traffic.

The airport is operated under a long-term concession by SAC. This company is owned by the local authorities and chambers. SAC manages Comiso Airport, a smaller airport in southern Sicily.

One person said that the proposed terms of sale would sell between 51% to 66% of SAC.

LONG-RUNNING PROCESS OF PRIVATISATION

People said that the asset's value could range between 500 and 600 millions euros ($580.60 - $696.72 Million).

According to one person, the valuation is based on sector multipliers and core earnings expected of more than 30 million euros in this year. This reflects its concessions-based model which, typically, trades below airport freehold assets.

The sources say that the Italian civil aviation authority ENAC has been reviewing the draft of the tender for sale. One of the sources added that a green signal is expected by the end of October. This would allow the process to begin in formally.

ADQ declined comment. SAC and ENAC didn't immediately respond to our request for comment.

In a letter to, Antonino Bellcuore (special commissioner of the Chamber of Commerce of South and East Sicily), which owns a 60.6% share in SAC, expressed his appreciation for ADQ's investment, stating that it demonstrated the value of the asset, and that the path towards privatisation was "the right thing to pursue."

Since 2022, the privatisation of Catania Airport has been planned. Italian investment bank Mediobanca is the advisor to guide the sale.

Since taking office as Italian Prime Minister in 2022, Giorgia Mello has pursued stronger relations with Gulf nations.

Rome signed a strategic partnership this year with the United Arab Emirates. The UAE has committed to invest $40 billion in Italy, across key sectors.

ADQ's total assets were $251 billion at the end of 2012, which included energy, transport, and logistics such as Abu Dhabi Airports, and state carrier Etihad Airways.

(source: Reuters)