ADQ Positions Itself as Key Contender in Catania Airport Sale

Abu Dhabi’s sovereign wealth fund ADQ has shown preliminary interest in acquiring a majority stake in SAC, the operator of Catania Airport in Sicily, sources said, as investor focus intensifies on Italy’s regional infrastructure.

The sale process is not yet formally launched; however, ENAC is evaluating a draft tender expected to receive approval by late October to set the transaction in motion. Under the plan, between 51 % and 66 % of SAC would be sold. The asset is valued at between €500 million and €600 million, underpinned by projected core earnings in excess of €30 million.

SAC, controlled by local authorities and chambers of commerce, manages both Catania–Fontanarossa—Italy’s fifth busiest airport by traffic—and Comiso Airport in southern Sicily. The operating concession runs through 2049. The Sicilian airport served over 12.3 million passengers in 2024.

Privatisation of Sicily’s airports has been under discussion since 2022, when SAC appointed Mediobanca to advise on structuring the deal. Local shareholders have recently approved calls for an international tender and adopted updated industrial plans to attract private capital, while pledging to retain a qualified minority stake.

Antonino Belcuore, special commissioner of the Chamber of Commerce of South and East Sicily, welcomed ADQ’s interest, stating that it underscores the strategic importance of the asset and aligns with the broader push for privatisation in Sicily. ADQ declined to comment; SAC and ENAC have not issued responses.

ADQ currently holds investments spanning transport and logistics, including interests in Abu Dhabi Airports and Etihad Airways, and manages a portfolio worth approximately US$251 billion. Analysts say its appearance among suitors signals growing appetite from Gulf-based capital for stable, long-term infrastructure assets in Europe.

Observers flag that the EU and Italy are increasingly receptive to foreign capital inflows into infrastructure, particularly where public budgets remain constrained. The potential deal dovetails with Prime Minister Giorgia Meloni’s agenda to deepen ties with Gulf states, exemplified by agreements under which the UAE committed to invest US$40 billion across strategic sectors in Italy.

Should ADQ or another bidder proceed to formal offers, the Catania sale could set benchmarks for airport privatisations in southern Europe. Authorities will need to balance investor returns with preserving public oversight, territorial interests, and aviation safety standards.

Local stakeholders—including regional governments and municipalities—are expected to negotiate protections within the concession framework to safeguard continuity of services, employment, and regional development. Meanwhile, potential bidders are assessing traffic trends, inflation, regulatory risk, and concession duration as they size their offers.

The sale of SAC would open a new chapter in Italy’s ongoing wave of airport privatisations, which has involved assets in the UK and across European markets. That backdrop provides precedent and comparators for valuation, regulatory design, and deal structures.