ADNOC, G42, And Presight Unite To Accelerate AI Solutions In The Energy Sector

In a significant development in the artificial intelligence (AI) landscape, ADNOC, G42, and Presight AI Holding PLC (Presight), a company listed on the Abu Dhabi Securities Exchange (ADX), have announced a new shareholding structure for AIQ. This strategic move sees Presight acquiring a majority stake of 51 percent in AIQ, with ADNOC holding onto a 49 percent share. This restructuring marks a shift from the previous ownership distribution between G42 and ADNOC. AIQ is set to continue its mission as an independent entity, focusing on harnessing data to create AI-driven solutions specifically tailored for the energy sector. This transaction is pending approval from Presight’s shareholders and regulatory bodies.

As part of this agreement, ADNOC will secure 4 percent of Presight shares from G42, in exchange for an 11 percent stake in AIQ. This deal places AIQ's valuation at over US$1.4 billion. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, is slated to become the Chairman of AIQ, with Mansoor Al Mansoori stepping in as the Vice-Chairman.

The collaboration between AIQ and Presight aims to merge AIQ's innovative AI solutions for the energy sector with Presight's expertise in big data analytics, product development, and access to international markets. This synergy is expected to enhance operational efficiencies, meet diverse customer needs more effectively, and deliver increased value to ADNOC, Presight, G42, and the broader UAE community.

Dr. Sultan bin Ahmed Al Jaber commented on the partnership's potential to advance ADNOC's goal of leading the energy industry's technological evolution. He highlighted the UAE's commitment to leveraging AI for economic growth and social progress. Under this partnership, AIQ is poised to become a frontrunner in providing AI solutions within the energy sector, thereby contributing significantly to Abu Dhabi and the UAE's development.

ADNOC has been at the forefront of integrating AI into its operations, aiming to become the most AI-enabled entity within the energy industry. The company has already realized substantial benefits from its digital transformation efforts, generating $500 million in value through the deployment of over 30 leading AI tools across its operations. These initiatives have also played a crucial role in reducing carbon emissions significantly.

Mansoor Al Mansoori expressed optimism about the transaction enhancing both Presight and AIQ's growth trajectories and establishing them as leaders on both local and global stages. Peng Xiao, Group CEO of G42, echoed this sentiment, emphasizing the role of AI in accelerating energy transition and highlighting the transaction's alignment with G42’s commitment to technological innovation and sustainability.

Since its inception in 2020 through a partnership with G42, AIQ has rapidly emerged as a key player in providing AI solutions for the energy sector. The company has developed over 20 AI applications and filed 16 patents, demonstrating its commitment to driving operational efficiency, reducing emissions, and enhancing safety across ADNOC’s operations. These solutions are not only pivotal for ADNOC but are also set to be commercialized for broader industry application, signaling transformative growth for AIQ.

With inputs from WAM