ADNOC, G42 and Presight reveal new AIQ ownership structure
AIQ to continue as a standalone firm, with transaction subject to Presight's shareholders
Abu Dhabi: ADNOC, G42 and Presight AI revealed a new shareholder structure for Abu Dhabi joint venture technology firm AIQ, with Presight buying a 51 per cent stake in AIQ, while ADNOC retains a 49 per cent stake.
Previously G42 had a 40 per cent, and ADNOC had a 60 per cent stake in AIQ, which will continue as a standalone company. The transaction is subject to Presight's shareholder and regulatory approval.
As part of the transaction, ADNOC will receive 4 per cent in Presight shares currently from G42 in exchange for 11 per cent of its shareholding in AIQ, which, at current Presight market value, values AIQ at over $1.4 billion.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, will assume the role of AIQ's Chairman. Mansoor Al Mansoori, Member of Abu Dhabi Executive Council, Chairman of the Department of Health, Abu Dhabi, and Chairman of Presight, will be Vice-Chairmen.
The transaction will combine AIQ's AI energy solutions with Presight's cross-sector big data analytics, product development, and access to international markets, positioning AIQ as a leading energy-focused AI organization.
Dr. Sultan Ahmed 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. Our partnership with Presight will further AIQ's capabilities, advance ADNOC's ambition to pioneer technology and AI to build the energy system of tomorrow, with data integration from the control room to the board room. 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."