ADNOC, G42, and Presight AI Holding PLC ('Presight'), an ADX publicly listed company, have announced a new shareholding structure for AIQ, a leading provider of AI solutions in the energy sector. Under the agreement, Presight will acquire a 51% stake in AIQ, with ADNOC retaining a 49% shareholding. The transaction values AIQ at over $1.4 billion and is subject to Presight's shareholder and regulatory approval.
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, will assume the role of AIQ's Chairman. His Excellency Mansoor Al Mansoori, Member of Abu Dhabi Executive Council and Chairman of the Department of Health, Abu Dhabi and Chairman of Presight, will be the Vice-Chairman.
The transaction will combine AIQ's AI energy solutions with Presight's cross-sector big data analytics, product development, and international market access to position AIQ as a leading energy-focused AI organisation.
ADNOC aims to become the most AI-enabled company in the energy industry. In 2023, ADNOC announced that it generated $500 million (AED 1.84 billion) in value by deploying AI solutions across its full value chain, while also abating up to 1 million tons of carbon dioxide (CO2) emissions between 2022 and 2023.
H.E. Dr. Sultan Ahmed Al Jaber emphasised the UAE's embrace of AI to drive productivity, economic growth, and social advancement, stating: "Our partnership with Presight will further AIQ's capabilities, advance ADNOC's ambition to pioneer technology and AI to build the energy system of tomorrow, with data integration from the control room to the board room. Through this collaboration, I am confident that AIQ will become the energy industry's leading AI company, delivering enhanced value to Abu Dhabi and the UAE."
Peng Xiao, Group CEO of G42, emphasised G42's ability to grow organisations poised for technological leadership in their respective domains and create shareholder value. He further reinforced the company's commitment to the well-being of the planet and its inhabitants, stating that AI can play a pivotal role in accelerating the energy transition.
Launched in 2020 in partnership with G42, AIQ has quickly established itself as a leading provider of AI solutions in the energy sector, reinforcing Abu Dhabi's position as a leading global hub for AI. The company has developed over 20 AI applications, filed 16 patents, and its key AI tools are already deployed across ADNOC's operations, identifying, monitoring, and helping ADNOC to drive down emissions and improve safety.