Abu Dhabi-listed big data analytics firm Presight has announced it has acquired a 51% stake in AI company AIQ. The firm was a joint venture created by the Abu Dhabi National Oil Company (ADNOC) and tech conglomerate G42.
Under the terms of the agreement, ADNOC will now hold a 49% stake in the company. The oil giant previously held a controlling 60% stake, with the remaining 40% being held by G42.ADNOC will also receive 4% in Presight shares currently from G42, in exchange for 11% of its shareholding in AIQ.
The arrangement is estimated to result in a market value for AIQ of more than $1.4 billion.
“Our partnership with Presight will further AIQ’s capabilities, advance ADNOC’s ambition to pioneer technology and AI to build the energy system of tomorrow, with data integration from the control room to the board room,” said HE Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO.
“Through this collaboration, I am confident that AIQ will become the energy industry’s leading AI company, delivering enhanced value to Abu Dhabi and the UAE.”
AIQ was launched in 2021 to develop artificial intelligence (AI) solutions for the energy sector. The change in ownership of the company is set to foster a combination of AIQ’s AI advancements with Presight’s cross-sector big data analytics, product development, and international markets access.
AIQ will remain as a standalone company, with HE Dr Al Jaber assuming the role of AIQ Chairman, and Mansoor Al Mansoori, Member of Abu Dhabi Executive Council and Chairman of the Abu Dhabi Department of Health and Chairman of Presight, as AIQ’s Vice-Chairman.
Presight made its debut on the Abu Dhabi Securities Exchange (ADX) in 2023.
