Presight takes majority stake in Adnoc-G42 AI venture

Wam

• Acquisition values AIQ at $1.4bn
• Sultan Al Jaber to become chairman
• AI applications for energy industry

The data analytics company Presight is acquiring a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (Adnoc) and G42.

Under the agreement, Presight, an Abu Dhabi-listed company, will own 51 percent of AIQ, with Adnoc keeping the remaining 49 percent, a statement released on Wednesday said. 

Previously, G42 held 40 percent of the shares, while Adnoc held 60 percent.

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Given Presight’s current market value, the arrangement will value AIQ at more than $1.4 billion.

AIQ will continue operating as a standalone company, with Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc’s managing director and group CEO, assuming the role of chairman. 

Mansoor Al Mansoori, chairman of Presight, will serve as vice-chairman. Al Mansoori is also a member of the Abu Dhabi Executive Council and chairman of the Department of Health, Abu Dhabi.

The merger seeks to achieve operational efficiencies by combining AIQ’s AI energy solutions with Presight’s cross-sector big data analytics capabilities and international market reach. 

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AIQ, founded in 2020, provides AI solutions for the energy industry.

Presight debuted on the Abu Dhabi Securities Exchange in 2023.

The adoption of AI technologies is expected to bring significant growth opportunities in the energy market.

Earlier this year, Adnoc said it generated $500 million (AED1.84 billion) in extra value by using artificial intelligence solutions in 2023.

It used more than 30 AI tools across its value chain, from field operations to corporate decision-making, to increase efficiency and productivity.

The global oil and gas industry is witnessing a surge in AI investments, with their value expected to reach $3 billion by 2030, a compound annual growth rate of 17 percent, according to Fairfield Market Research in London.

Companies such as Saudi Aramco are actively embracing AI technologies, with the recent launch of the generative artificial intelligence model Metabrain AI.

Aramco, the world’s largest oil company, is using AI, data analytics, the internet of things and robotics to streamline processes and boost efficiency.