ADNOC, G42, and Presight Forge New Partnership
Presight will own 51% of the company under the new AIQ ownership structure.
ADNOC, G42, and Presight AI Holding PLC have announced a new shareholding structure for AIQ to enhance artificial intelligence (AI) solutions in the energy sector.[1]
Presight will own 51% of the company under the new AIQ ownership structure, while ADNOC will own 49%, giving the firm a valuation of more than $1.4 billion.
Under this agreement, AIQ will maintain its autonomy as a standalone entity and the transaction is still pending approval from Presight’s shareholders and regulatory bodies.
As part of the deal, ADNOC will exchange a portion of its shares in AIQ for a 4% stake in Presight, previously held by G42.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, has been named as AIQ Chairman, ADNOC Managing Director, and Group CEO, with Mansoor Al Mansoori assuming the role of Vice Chairman.
The collaboration will integrate AIQ's energy solutions with Presight's expertise in big data analytics, product development, and global market reach.
AIQ has already created more than 20 AI applications and 16 patent applications. Its primary AI technologies will detect, track, and assist ADNOC in reducing emissions and enhancing safety.