In a significant shift within the AI-driven technology sector in Abu Dhabi, Presight AI Holding has taken a majority stake in AIQ, an artificial intelligence venture previously owned by ADNOC and G42. This move not only reshapes AIQ’s ownership but also potentially its future direction and strategy in the energy sector.
Presight AI now controls a 51% share of AIQ, while ADNOC retains 49%, valuing AIQ at approximately $1.4 billion. Before this transaction, the ownership was split with ADNOC holding 60% and G42 owning 40%. This restructured ownership indicates a strategic shift and a substantial valuation of AIQ’s technological capabilities and market position.
AIQ is pivotal in leveraging artificial intelligence to enhance efficiency and profitability in the oil and gas industry. The company has already developed several AI applications and holds multiple patents, significantly impacting operational processes and environmental metrics by reducing carbon dioxide emissions and improving safety protocols.
With this acquisition, Sultan Al Jaber, ADNOC’s CEO and UAE’s Minister of Industry and Advanced Technology, is set to take the chairman position at AIQ, ensuring continued strategic alignment with ADNOC’s long-term objectives. Mansoor Al Mansoori of Presight will serve as vice-chairman, adding a layer of strategic oversight from Presight’s leadership.
The acquisition is part of a broader trend where energy companies are increasingly integrating AI to optimise operations and decision-making processes. Presight’s acquisition is expected to enhance AIQ’s capabilities in big data analytics and expand its reach and effectiveness across the energy sector globally. This move aligns with global shifts towards digitalisation in energy and efforts to accelerate the energy transition towards more sustainable practices.
This acquisition hints at potential future developments, including a possible IPO for AIQ, reflecting a growing trend of public listings for high-tech companies in the region. The collaboration between Presight and AIQ underlines the strategic importance of AI in transforming traditional industries and enhancing their competitive edge on a global scale.
Presight AI’s majority stake acquisition in AIQ marks a critical step in the evolution of AI applications within the energy sector. This move not only reinforces Abu Dhabi’s standing as a hub for AI and technology innovation but also signals significant future growth and innovation potential within the industry.