Recently, Presight, an artificial intelligence firm located in Abu Dhabi, purchased a 51% stake in AIQ, a joint technology venture between the Abu Dhabi National Oil Company (ADNOC) and G42. This acquisition has significantly altered the ownership structure of AIQ, with ADNOC now owning 49% of the company and valuing it at $1.4 billion.
As part of the agreement, ADNOC will receive a 4% stake in Presight to further integrate AI into its operations and services. AIQ will continue to operate as a standalone company within Presight’s portfolio, focusing on using AI and machine learning to improve processes in the oil and gas industry.
Chris Cooper, CEO of AIQ, emphasized the benefits of working with ADNOC and how this acquisition will allow the company to expand its reach in the energy sector and globally. By leveraging Presight’s global data-driven analytics capabilities, AIQ aims to take its solutions to a broader audience and focus on sustainability, safety, and operational efficiency in the energy industry.
Under the previous ownership structure, AIQ was owned 60% by ADNOC and 40% by G42. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC’s Group CEO, will now serve as AIQ’s Chairman. This acquisition further highlights Abu Dhabi’s commitment to investing in AI and technology.
In April, Microsoft made a significant investment in G42, helping to accelerate its expansion plans and contribute to the UAE’s growing reputation as a technology hub in the region. The acquisition of AIQ by Presight underscores the increasing importance of AI in driving innovation and efficiency across industries like oil and gas.
