Recently, AIQ, a joint technology venture between ADNOC and G42 in Abu Dhabi, became the subject of a 51% acquisition by Presight, an artificial intelligence firm based in the same city. This resulted in ADNOC holding 49% ownership of AIQ with a valuation of $1.4 billion. In return, Presight received a 4% stake in the company.
Although AIQ will continue to operate as a separate entity within Presight’s portfolio, this 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. The focus will be on promoting sustainability, safety, and operational improvements in the energy industry.
Under its previous ownership structure, ADNOC owned 60% of AIQ while G42 owned 40%. With Presight now leading the company, Sultan Ahmed Al Jaber, the Minister of Industry and Advanced Technology and ADNOC’s Group CEO, has been appointed as chairman of AIQ. The UAE government is committed to advancing AI technology in the region and has demonstrated this through Microsoft’s recent $1.5 billion investment in G42 to support its growth and solidify its position as a leading technology hub.
AIQ CEO Chris Cooper highlighted the benefits of the partnership with ADNOC and discussed plans to expand AIQ’s applications within