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.
-
Credit: Shutterstock Disney Brings Olaf to Life with AI-Powered Snowman Robot Disney has accomplished the unthinkable by transforming one... -
Credit: Shutterstock Udaipur witnessed a glittering fusion of Hollywood, Bollywood, and high society this week as global icon Jennifer...
-
Credit: Shutterstock Thirty years ago, before most people had ever heard the term “cybersecurity,” a Japanese anime depicted a...
-
Credit: Shutterstock Following a horrifying road accident involving Umrah pilgrims on the Mecca–Madinah highway late Sunday night, India is...
-
Credit: Shutterstock Today, Apple announced the release of Digital ID, a new and safe method for American iPhone and...
-
Credit: Shutterstock The world is reeling from the irony this week after reports confirmed that over 100,000 trees were...
-
Credit: Shutterstock As Hurricane Melissa tore across the Atlantic, shattering records and testing the limits of modern aircraft, a...
-
Credit: Shutterstock Artificial intelligence (AI) is already a part of our everyday lives and is no longer a sci-fi...
-
Credit: Shutterstock Royal Lodge Shake-Up: Andrew and Fergie Plan Their Exit In a development that has stirred fresh waves...
-
Credit: Shutterstock In a digital age where even our doorbells are online, today felt like the internet collectively hit...
-
Credit: Shutterstock Spotify is making it even easier (and more fun) to get the perfect playlist going. The streaming...
-
Credit: Shutterstock Hamas Violence Sparks Fears of Peace Deal Collapse Amid Growing Power Struggle in Gaza Alarming new footage...
