Presight plans international expansion of its AI business

• Targeting Asia and Latin America
• Goal of 40% international revenue
• Abu Dhabi seeking to diversify

Abu Dhabi is stepping up efforts to expand its artificial intelligence and digital services business as part of a billion-dollar push to diversify its economy.

Presight, a data analytics company backed by Abu Dhabi-owned AI group G42, is planning to nearly double its overseas revenue as a share of the total.

The company, which is listed on the Abu Dhabi Securities Exchange, is seeking new business around the Gulf – including Saudi Arabia – in Southeast and Central Asia, and in Latin America, its CEO Thomas Pramotedham told AGBI on the sidelines of a media briefing last week.

That would help to raise international revenue from 23 percent last year to 40 percent, he said. 

Presight’s international sales more than tripled last year to AED508 million ($138 million). This spurred a 24 percent increase in revenue to AED2.2 billion and a 7 percent rise in net income to AED613 million.

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Abu Dhabi is seeking to diversify from hydrocarbons by investing its oil wealth in technology and developing new national income streams, including renewable energy and AI.

Abu Dhabi is the world’s richest city by value of its sovereign wealth funds, according to Global SWF, a data platform that tracks more than 400 funds around the world.

Presight operates in 14 countries and is expanding its presence in Brazil and Colombia, Uzbekistan and Kazakhstan, the Philippines and Albania. It plans to open an office in Saudi Arabia.

The company received a $1.5 billion investment from Microsoft last year. It builds AI tools for public services, energy, education, financial oversight and so-called smart cities. 

So far this year, it has signed a $190 million smart-city development deal with the Kazakh capital, Astana, and secured a nationwide contract in Albania covering 20 cities. 

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It is also helping to develop a national supercomputer in Kazakhstan and modernising gas infrastructure in Azerbaijan through its IntelliGrid joint venture.

To deepen its reach, it has launched an AI startup accelerator, targeting early-stage ventures around the world. 

The programme offers up to $200,000 to a startup, as well as mentorship and access to G42’s infrastructure, allowing Presight to gain early exposure to intellectual property and equity in future tech companies. 

The company is also expected to launch a new fund for startups this year.