Presight, an artificial intelligence firm based in Abu Dhabi, recently acquired a 51% stake in AIQ, a joint technology venture between the Abu Dhabi National Oil Company (ADNOC) and G42, a prominent AI and cloud company in the region. This acquisition significantly changes 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 will also receive 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.
AIQ CEO Chris Cooper highlighted the benefits of working with ADNOC and how the acquisition will allow the company to broaden its applications in the energy sector and globally. By leveraging Presight’s global data-driven analytics capabilities, AIQ aims to 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.
Earlier in April, Microsoft made a significant investment in G42, 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 signifies the increasing importance of AI in driving innovation and efficiency in industries like oil and gas.