Presight AI Holding, listed on the Abu Dhabi Securities Exchange, has acquired a majority 51% stake in AIQ, a leader in AI energy solutions co-founded by Adnoc and UAE’s AI giant G42. This new shareholding arrangement sees Adnoc retaining a 49% stake, modifying the previous distribution where Adnoc held 60% and G42 40%.
As part of the transaction, Adnoc will transfer a 4% stake in Presight to G42 in exchange for an 11% share in AIQ, valuing AIQ at over $1.4 billion based on Presight’s current market value. This strategic move is designed to integrate AIQ’s innovative AI solutions with Presight’s expertise in big data analytics and product development, aiming to establish AIQ as a leading AI entity in the energy sector.
The integration promises to enhance operational efficiencies and expand customer offerings, delivering increased value across Adnoc, Presight, G42, and the broader UAE market. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, will serve as AIQ’s Chairman, with Mansoor Al Mansoori, Chairman of Presight, as Vice-Chairman.
Since its inception in 2020, AIQ has become a pivotal player in AI for the energy sector, supporting Abu Dhabi’s role as a global AI hub. This partnership is set to advance Adnoc’s strategy to lead in AI-driven energy solutions, extending from operational integration to strategic corporate decisions.
Dr. Al Jaber emphasized that the collaboration with Presight would enhance AIQ’s capabilities significantly, promoting Adnoc’s vision to innovate within the energy sector. He expressed confidence that AIQ would become the leading AI company in the energy industry, augmenting Abu Dhabi and the UAE’s technological footprint.
Adnoc has been a frontrunner in adopting AI, contributing significantly to its operational success and sustainability goals, including a notable reduction in CO2 emissions. This new phase of collaboration underlines Presight and AIQ’s potential for growth, marking a significant step towards achieving technological leadership and enhancing shareholder value in the global marketplace.
