Abu Dhabi National Oil Company (ADNOC), in collaboration with G42 and Presight AI Holding PLC, has unveiled a new shareholding structure for AIQ, provider of AI solutions in the energy sector.
Under the agreement, Presight will acquire a 51 per cent stake in AIQ, with ADNOC retaining a 49 per cent shareholding.
The transaction, subject to Presight’s shareholder and regulatory approval, will see ADNOC receive 4 per cent in Presight shares currently held by G42.
In exchange, ADNOC will transfer 11 per cent of its shareholding in AIQ to Presight, valuing AIQ at over $1.4 billion at current Presight market value.
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, while 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 partnership aims to combine AIQ’s breakthrough AI energy solutions with Presight’s cross-sector big data analytics and product development capabilities.
H.E. Dr. Sultan Ahmed Al Jaber highlighted the UAE’s commitment to AI-driven advancements, stating: “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.”
ADNOC’s focus on AI is part of its broader digital transformation efforts, which have already yielded significant results.
In 2023, ADNOC generated $500 million in value by deploying AI solutions, reducing up to one million tonnes of carbon dioxide emissions between 2022 and 2023.
H.E. Mansoor Al Mansoori expressed confidence in the transaction’s potential, stating: “[This] transaction will unlock both Presight and AIQ’s immense growth potential, positioning the two organisations for unprecedented local and global success.”
Peng Xiao, Group CEO of G42, reiterated the importance of AI in accelerating the energy transition, emphasising G42’s commitment to technological leadership and shareholder value creation.
