Recently, Presight, an artificial intelligence firm based in Abu Dhabi, acquired a 51% stake in AIQ, a joint technology venture between the Abu Dhabi National Oil Company (ADNOC) and G42. This acquisition significantly changed the ownership structure of AIQ, with ADNOC now holding 49% of the company and giving it a valuation of $1.4 billion.
As part of the deal, ADNOC also received a 4% stake in Presight to further integrate AI into its operations and services. AIQ will continue to operate as a standalone company within Presight’s portfolio, focusing on using AI and machine learning to improve processes in the oil and gas industry.
The acquisition of AIQ by Presight signifies the increasing importance of AI in driving innovation and efficiency in industries like oil and gas. With its global data-driven analytics capabilities, Presight aims to help AIQ take its solutions to a larger audience and focus on sustainability, safety, and operational efficiency in the energy industry.
Under the previous ownership structure, AIQ was owned 60% by ADNOC and 40% by G42. Sultan Ahmed Al Jaber, the minister of industry and advanced technology and ADNOC’s group CEO, will now serve as AIQ’s chairman. This acquisition further demonstrates Abu Dhabi’s commitment to investing in AI and technology.
Microsoft made a significant investment in G42 earlier in April, helping to accelerate its expansion plans and contribute to the UAE’s growing reputation as a technology hub in the region. The acquisition of AIQ by Presight is another step towards establishing Abu Dhabi as a leading center for innovation and technological advancement globally.
