Credit: Unsplash
Presight, an Abu Dhabi-based artificial intelligence firm, has finalized the acquisition of a 51% stake in AIQ, a prominent technology joint venture. This joint venture was previously held by the Abu Dhabi National Oil Company (ADNOC) and G42, a leading AI and cloud company based in Abu Dhabi.
The acquisition transaction, as detailed in a joint press release by the companies involved, positions ADNOC as the holder of a 49% stake in AIQ, effectively valuing the company at $1.4 billion. In exchange, ADNOC will receive a 4% stake in Presight. The move underscores ADNOC’s strategic initiative to integrate AI technologies into its operations and services, signaling a pivotal step towards enhancing efficiency and innovation within the energy sector.
AIQ will continue to operate as an independent entity under the umbrella of Presight’s portfolio, focusing on leveraging artificial intelligence and machine learning to optimize processes within the oil and gas industry. With access to vast data resources provided by ADNOC and the expertise of G42, AIQ is poised to accelerate its growth trajectory and expand its impact globally.
Chris Cooper, CEO of AIQ, emphasized the transformative potential of the acquisition, stating, “This strategic alignment allows us to harness the collective strengths of Presight, ADNOC, and G42 to propel AIQ’s solutions onto the global stage.” He highlighted the company’s commitment to sustainability, safety, and operational excellence, reaffirming its dedication to driving innovation in the energy industry.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group CEO of ADNOC, will assume the role of Chairman of AIQ, further reinforcing the collaborative vision shared by the stakeholders involved.
Abu Dhabi’s continued investment in artificial intelligence underscores its commitment to technological advancement and underscores its position as a global leader in innovation. The acquisition marks a significant milestone in the journey towards harnessing the power of AI to drive progress and transformation in the energy sector.
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