Presight acquires majority stake in AIQ, accelerating A.I. integration in energy sector

Estimated read time 2 min read

A | a-+=

In a move aimed at advancing the integration of artificial intelligence (AI) in the energy sector, Abu Dhabi-based AI firm Presight has acquired a 51% stake in AIQ, a joint technology venture between the Abu Dhabi National Oil Company (ADNOC) and G42, a major AI and cloud company.

This ownership structure, valued at $1.4 billion, marks a significant shift in AIQ’s ownership, with ADNOC now holding a 49% stake in the company. Despite the change in ownership, AIQ will continue to operate as a stand-alone entity within Presight’s portfolio, focusing on utilizing AI and machine learning to enhance processes in the oil and gas industry.

Chris Cooper, CEO of AIQ, highlighted the benefits of the acquisition, noting the invaluable access to ADNOC’s vast data resources and expertise, combined with Presight’s global reach and analytics capabilities. This, he emphasized, will enable AIQ to expand its solutions beyond the UAE and drive advancements in sustainability, safety, and operational efficiency across the global energy industry.

Sultan Ahmed Al Jaber, the minister of industry and advanced technology and ADNOC’s group CEO, will assume the role of chairman at AIQ, further underscoring ADNOC’s commitment to AI innovation in the energy sector.

The acquisition comes amid Abu Dhabi’s broader push to position itself as a leading hub for AI and technology. Just last month, Microsoft’s $1.5 billion investment in G42 bolstered the UAE’s ambitions to become a global leader in technology and innovation.

With AIQ now poised to leverage Presight’s global network and expertise, the stage is set for transformative advancements in the energy industry and beyond, solidifying Abu Dhabi’s status as a key player in the AI revolution.

(Source: Reuters | Arabian Business | Economy Middle East)

You May Also Like