In a new shareholding structure for AIQ, artificial intelligence and big data analytics provider Presight will acquire a 51% stake in AIQ, while ADNOC will retain a 49% interest from the previous 60%
As part of the transaction which is subject to Presight’s approval., ADNOC will receive 4% in Presight shares currently from G42, in exchange for 11% of its shareholding in AIQ, which, at current Presight market value, puts AIQ at more than US$1.4bn.
While AIQ will continue as a standalone company, Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC managing girector and group CEO, will become the new chairman of AIQ.
On the other hand, 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 result in the combination of AIQ's breakthrough AI energy solutions with Presight's cross-sector big data analytics, product development, and international markets access.
Al Jaber said, “The UAE has embraced AI to drive productivity, economic growth and social advancement, with ADNOC laser-focused to become the world’s most AI-enabled energy company, delivering smarter, cleaner and safer energy to the world. 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.”
Al Mansoori said, “Since its record-setting debut on the Abu Dhabi Securities Exchange (ADX) in 2023, Presight has emerged as an international powerhouse, showcasing robust growth, sustainable profitability, and an ability to magnetize top-tier talent and global clientele. Today’s transaction will unlock both Presight and AIQ’s immense growth potential, positioning the two organizations for unprecedented local and global success.”
Peng Xiao, Group CEO of G42, commented, “This transaction underscores once again G42’s ability to grow organizations poised for technological leadership in their respective domains and create shareholder value. AI can play a pivotal role in accelerating the energy transition, and Presight’s acquisition of AIQ, with plans to serve ADNOC and the wider energy sector, further reinforces our commitment to the wellbeing of our planet and its inhabitants.”
