AIQ Acquires Stake in AI Firm in Partnership with Adnoc – Rigzone News
Artificial intelligence (AI) and big data analytics firm Presight AI Holding PLC has partnered with Abu Dhabi National Oil Company (Adnoc) and acquired a 51 percent stake in AIQ, an AI pioneer in the energy sector.
Adnoc now owns a 49 percent stake in AIQ, reduced from its previous interest of 60 percent. AIQ was previously owned by AI company G42 with a 40 percent stake, according to a joint news release from the three parties.
As part of the transaction, Adnoc will receive four percent in Presight shares currently from G42, in exchange for 11 percent of Adnoc’s shareholding in AIQ at the current Presight market value. The transaction values AIQ at over $1.4 billion.
With the new AIQ ownership structure, AIQ will continue as a standalone company, leveraging data to deliver transformational AI-powered solutions to the energy sector. The transaction is subject to Presight’s shareholder and regulatory approval, according to the news release.
The transaction will combine AIQ’s breakthrough AI energy solutions with Presight’s cross-sector big data analytics, product development, and international market access. This will position AIQ as a leading energy-focused AI organization, the release noted.
“The UAE has embraced AI to drive productivity, economic growth and social advancement, with Adnoc laser-focused to become the world’s most AI-enabled energy company, delivering smarter, cleaner and safer energy to the world,” Adnoc Managing Director and Group CEO Sultan Ahmed Al Jaber said. “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. 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”.
“Since its record-setting debut on the Abu Dhabi Securities Exchange (ADX) in 2023, Presight has emerged as an international powerhouse, showcasing robust growth, sustainable profitability, and an ability to magnetize top-tier talent and global clientele,” Presight Chairman, Mansoor Al Mansoori said. “Today’s transaction will unlock both Presight and AIQ’s immense growth potential, positioning the two organizations for unprecedented local and global success”.
“This transaction underscores once again G42’s ability to grow organizations poised for technological leadership in their respective domains and create shareholder value,” G42 Group CEO Peng Xiao said. “AI can play a pivotal role in accelerating the energy transition, and Presight’s acquisition of AIQ, with plans to serve Adnoc and the wider energy sector, further reinforces our commitment to the wellbeing of our planet and its inhabitants”.
Al Jaber will assume the role of AIQ Chairman, while Al Mansoori will be Vice-Chairman, the release said.
AIQ was launched in 2020 in partnership with G42. The company quickly established itself as a leading provider of AI solutions in the energy sector, reinforcing Abu Dhabi’s position as a leading global hub for AI, according to the release.
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