In recent news, Presight, an artificial intelligence firm based in Abu Dhabi, has acquired a 51% stake in AIQ, a joint technology venture between ADNOC and G42. This acquisition has resulted in ADNOC holding 49% ownership of AIQ with a valuation of $1.4 billion. As part of the deal, Presight will receive a 4% stake in AIQ.
The partnership between ADNOC and G42 has been successful in developing solutions for the oil and gas industry using AI and machine learning. Chris Cooper, CEO of AIQ, is excited to expand the applications of AIQ within the energy sector on a global scale with this new partnership. The acquisition allows Presight to leverage its global data-driven analytics capabilities to promote sustainability, safety, and operational improvements in the energy industry worldwide.
Under the previous ownership structure, ADNOC owned 60% of AIQ while G42 owned 40%. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group CEO at ADNOC, will now serve as chairman of AIQ. The UAE government is committed to advancing AI technology in the region as evidenced by Microsoft’s recent $1.5 billion investment in G42 to support its growth and solidify the UAE’s position as a leading technology hub.
The acquisition is expected to bring significant benefits to both companies involved as they work together to develop innovative solutions for the energy sector on a global scale.
