Recently, Presight, an artificial intelligence firm based in Abu Dhabi, acquired a 51% stake in AIQ, a joint technology venture between ADNOC and G42. This acquisition resulted in ADNOC holding 49% ownership of AIQ with a valuation of $1.4 billion. In addition to the acquisition, Presight will receive a 4% stake in AIQ as part of the deal.
The partnership between ADNOC and G42 has been successful since its creation in 2018. However, the acquisition by Presight allows for even greater growth opportunities for the company. The CEO of AIQ, Chris Cooper, highlighted the benefits of this partnership and discussed plans to expand the applications of AIQ within the energy sector on a global scale.
Under its new ownership structure, AIQ will continue to operate as a separate entity within Presight’s portfolio. The company specializes in using AI and machine learning to enhance processes within the oil and gas industry. By leveraging its global data-driven analytics capabilities, Presight will be able to expand the solutions developed by AIQ in the UAE to an international audience.
Sultan Ahmed Al Jaber, who is also the 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 and has invested heavily in G42 to support its growth and position it as a leading technology hub. Microsoft recently invested $1.5 billion in G42 to further support its growth and expansion efforts.
This acquisition marks an exciting opportunity for both companies as they work together to promote sustainability, safety, and operational improvements within the energy industry globally.