Abu Dhabi – Mubasher: ADNOC and G42 have teamed up with the listed Presight AI Holding to unveil a new shareholding structure for Abu Dhabi-headquartered AIQ, which will continue as a standalone company.
Under the agreement, Presight will acquire a 51% stake in AIQ and ADNOC will retain a 49% shareholding, compared to the previous G42 40% and ADNOC 60%, according to a press release.
AIQ aims to leverage data to deliver transformational AI-powered solutions to the energy sector, yet the transaction is subject to Presight’s shareholder and regulatory approvals.
ADNOC will receive 4% in Presight shares currently from G42, in exchange for 11% of its shareholding in AIQ, which values AIQ at over $1.40 billion based on the current Presight market value.
Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, Sultan Ahmed Al Jaber, will be the Chairman of AIQ.
Meanwhile, the Vice Chairman will be Mansoor Al Mansoori, who is the Chairman of Presight and Member of Abu Dhabi Executive Council and Chairman of the Department of Health, Abu Dhabi.
Al Jaber said: “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.”
He added: “Through this collaboration, I am confident that AIQ will become the energy industry’s leading AI company, delivering enhanced value to Abu Dhabi and the UAE.”
Al Mansoori, Chairman of Presight, said: “Since its record-setting debut on the ADX in 2023, Presight has emerged as an international powerhouse, showcasing robust growth, sustainable profitability, and an ability to magnetize top-tier talent and global clientele.”
From his side, Peng Xiao, Group CEO of G42, noted: “This transaction underscores once again G42’s ability to grow organizations poised for technological leadership in their respective domains and create shareholder value.”
AIQ was launched in 2020 in partnership with G42 and has already developed more than 20 AI applications and filed 16 patents.
In 2023, the listed company generated net profits worth AED 570.60 million and revenues of AED 1.78 billion.
