An artificial intelligence firm based in Abu Dhabi, Presight, recently acquired a 51% stake in AIQ, a joint technology venture between ADNOC and G42. The acquisition resulted in ADNOC holding 49% ownership of AIQ with a valuation of $1.4 billion. As part of the deal, Presight also received a 4% stake in AIQ.
Although AIQ will continue to operate as a separate entity within Presight’s portfolio, it specializes in using AI and machine learning to enhance processes within the oil and gas industry. Chris Cooper, CEO of AIQ, highlighted the benefits of the partnership with ADNOC and discussed plans to expand AIQ’s applications within the energy sector on a global scale. He stated that he is excited about the opportunities that this partnership will bring to both companies.
The acquisition allows Presight to leverage its global data-driven analytics capabilities to expand the solutions developed by AIQ in the UAE to an international audience. This will focus on promoting sustainability, safety, and operational improvements in the energy industry. 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 ADNOC’s Group CEO, will now serve as the 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 bolster the UAE’s position as a leading technology hub.
In conclusion, this acquisition is an exciting development for both companies as it brings together their expertise and resources to drive innovation in the energy industry. With Sultan Ahmed Al Jaber at the helm of AIQ as chairman, there are many possibilities for growth and expansion into new markets that will benefit both companies immensely.