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Presight Acquires Majority Stake in AIQ Venture

Abu Dhabi-based artificial intelligence firm Presight has acquired a 51% stake in AIQ, a joint technology venture
May 3, 2024

In a significant move toward advancing artificial intelligence (AI) integration in the energy sector, Abu Dhabi-based AI firm Presight has acquired a 51% stake in AIQ, a technology joint venture between the Abu Dhabi National Oil Company (ADNOC) and G42, a leading AI and cloud company in Abu Dhabi.

Under the new ownership structure, ADNOC will retain a 49% stake in AIQ, valuing the company at $1.4 billion. Additionally, ADNOC will secure a 4% stake in Presight as part of the deal, aiming to further integrate AI into its operations and services.

AIQ, which specializes in utilizing AI and machine learning to enhance processes in the oil and gas industry, will continue to operate as a stand-alone company within Presight’s portfolio.

AIQ CEO, Chris Cooper, emphasized the benefits of the acquisition, highlighting the access to vast amounts of data and insights from ADNOC, combined with the expertise of AIQ's data scientists and software engineers. Cooper explained that the partnership with Presight would enable them to expand their applications in the energy industry globally, focusing on sustainability, safety, and operational efficiency.

Sultan Ahmed Al Jaber, the minister of industry and advanced technology and ADNOC’s group CEO, will assume the role of AIQ's chairman, further solidifying the collaboration between the companies.

The acquisition of a majority stake in AIQ by Presight marks a significant step in the integration of AI technology within the energy sector. With access to ADNOC's vast data resources and expertise, combined with the global reach of Presight, AIQ is poised to drive innovation and efficiency in the energy industry worldwide. As Abu Dhabi continues to invest in AI technology, partnerships like these underscore the region's commitment to becoming a global leader in technological innovation.

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