The Abu Dhabi National Oil Company (ADNOC), G42, and Presight AI Holding have announced a new shareholding structure for AIQ, the firm established as a joint venture with ADNOC and G42 in 2020. Under the agreement, artificial intelligence (AI) and big data analytics company Presight will acquire a 51% stake in AIQ, with ADNOC retaining a 49% shareholding. Previously, G42 held 40% and ADNOC held 60%.
AIQ will continue as a standalone company. The transaction is subject to Presight’s shareholder and regulatory approval.
As part of the transaction, ADNOC will receive 4% in Presight shares currently from G42 in exchange for 11% of its shareholding in AIQ. Sultan Ahmed Al Jaber, UAE’s minister of industry and advanced technology and managing director and group CEO for ADNOC, will assume the role of AIQ’s chairman. Mansoor Al Mansoori, a member of the Abu Dhabi Executive Council and chairman of Abu Dhabi’s Department of Health and of Presight, will be the vice chairman.
The transaction aims to combine AIQ’s AI energy efforts with Presight’s cross-sector big data analytics, product development, and international markets access.
“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,” 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.”
AI is revolutionizing entire sectors, and ADNOC has said it aims to be the most AI-enabled company in the energy industry. In 2023, ADNOC announced that it generated $500 million in value by deploying AI, integrating more than 30 AI tools across its full value chain. The company said those applications led to the abatement of up to 1 million tons of carbon dioxide emissions between 2022 and 2023, the equivalent of removing around 200,000 gasoline-powered cars from the road.
“Since its record-setting debut on the Abu Dhabi Securities Exchange 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.” 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.”
AIQ so far has developed more than 20 AI applications and filed 16 patents.
“This transaction underscores once again G42’s ability to grow organizations poised for technological leadership in their respective domains and create shareholder value,” said Peng Xiao, group CEO of G42. “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.”