Skip to content Skip to Search
Skip navigation

Abu Dhabi’s G42 to list big data analytics arm

Thomas Pramotedham, CEO of Presight
Thomas Pramotedham, CEO of Presight

Analytics firm Presight, part of Abu Dhabi’s artificial intelligence outfit G42, has announced plans to float on the Abu Dhabi Securities Exchange.

Ahead of the AED1.82 billion ($495.6 million) initial public offering, 1.36 billion new shares will be issued, representing 32 percent of the share capital of the company.

Shares will be priced at AED1.34 each and will be offered from March 13 to March 17. The company plans to list on March 27, according to a statement.

Some 168,396,368 shares, representing 12.385 percent of the total offer shares, will be allocated to retail investors, with the remaining 1,191,283,632 offered to professional investors.

The announcement comes after companies from the Middle East raised $21.9 billion through IPOs in 2022, according to Dealogic data.

Mohamed Khalifa Al Hadari, deputy CEO of the Emirates Securities and Commodities Authority, told the inaugural Mena IPO Summit in Dubai earlier this year that there were 11 IPOs “waiting in the pipeline” in the Emirates.

Last week Adnoc raised $2.5 billion from the IPO of its gas business, breaking the record for the largest listing on the ADX.

Presight has entered into a cornerstone investment agreement with International Holding Company, through which IHC has committed to invest in the planned IPO.

“Presight was initially conceived in 2020 to deliver analytics-driven, cloud-first AI-enabled solutions for public and private businesses in the Middle Eastern ecosystem,” said Mansoor Al Mansoori, chairman of Presight’s board of directors.

“Presight’s journey has evolved rapidly since inception, now positioned as the region’s leading big data analytics company powered by AI.”

The company reported a net profit of $148 million for 2022, up 55 percent from the previous year.

“Our intention to list on the Abu Dhabi Securities Exchange is a key step in realising our five-year strategy to strengthen operational expertise and expand our services into new markets and sectors globally,” said Thomas Pramotedham, Presight’s CEO.

“We have ambitious plans that leverage our solid historical growth and healthy pipeline of order bookings.”

Latest articles

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]