Abu Dhabi-based AI firm, Presight, recently 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. As part of the deal, Presight will also receive a 4% stake in AIQ.
Despite the acquisition, 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. Chris Cooper, CEO of AIQ, highlighted the benefits of the partnership with ADNOC and discussed plans to expand AIQ’s applications within the energy sector on a global scale.
The acquisition allows Presight to leverage its global data-driven analytics capabilities to expand the solutions developed by AIQ in the UAE to an international audience. This will focus on promoting sustainability, safety, and operational improvements in the energy industry. Under the previous ownership structure, ADNOC owned 60% of AIQ while G42 owned 40%.
Sultan Ahmed Al Jaber, 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
