Presight snaps up 51pc stake in Abu Dhabi tech venture AIQ
ABU DHABI, 14 days ago
Presight AI Holding (Presight), an Abu Dhabi-listed company, has announced that it has reached an agreement with AIQ, a disruptive advanced technology pioneer, for a major stake in the company.
AIQ is a joint-venture between global energy leader Adnoc and UAE's Artificial Intelligence frontrunner G42.
Under the new shareholding structure for AIQ, Presight will be holding a 51% stake in the company, while Adnoc will retain the rest. Previously, it had 60% stake in the tech venture, while G42 held 40%.
Artificial Intelligence (AI) and Big Data Analytics leader Presight said as part of the deal, Adnoc will receive 4% in the company currently from G42, in exchange for 11% of its shareholding in AIQ, which, at current Presight market value, values AIQ at over $1.4 billion.
The transaction will combine AIQ's breakthrough AI energy solutions with Presight's cross-sector big data analytics, product development, and international markets access to position AIQ as a leading energy-focused AI organization.
By integrating AIQ and Presight's big data analytics and AI offerings, the companies will realize operational efficiencies and synergies while meeting a wider array of customer requirements, and deliver greater value for Adnoc, Presight, G42 and the UAE.
Under this new arrangement, Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, will assume the role of AIQ’s Chairman, while Mansoor Al Mansoori, Member of Abu Dhabi Executive Council and Chairman of the Department of Health, Abu Dhabi and Chairman of Presight will be the Vice-Chairman.
Launched in 2020 in partnership with G42, AIQ 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.
On its partnership with Presight, Dr Al Jaber said: "It 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," he stated.
AI is revolutionizing entire sectors and Adnoc aims to be the most AI-enabled company in the energy industry.
For decades, Adnoc has developed its digital infrastructure, enabling the company to rapidly expand its business, unlock untapped opportunities, and responsibly supply energy to meet customer needs.
In 2023, Adnoc announced that it generated $500 million in value by deploying AI solutions, from the integration of over 30 industry-leading AI tools across its full value chain, from field operations to smarter and quicker corporate decision making.
Together, these applications also abated up to 1 million tons of carbon dioxide (CO2) emissions between 2022 and 2023, the equivalent of removing around 200,000 gasoline-powered cars from the road.
Al Mansoori said: "Since its record-setting debut on 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."
"Today’s transaction will unlock both Presight and AIQ’s immense growth potential, positioning the two organizations for unprecedented local and global success," he stated.
Peng Xiao, Group CEO of G42, said: "This transaction underscores once again G42’s ability to grow organizations poised for technological leadership in their respective domains and create shareholder value."
"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," he added.-TradeArabia News Service
