ADNOC, in collaboration with G42 and Presight AI Holding PLC, announced a transformative partnership aimed at bolstering AIQ’s position as a leader in AI-driven energy solutions. The agreement involves a new shareholding structure for AIQ where Presight, an AI and Big Data analytics leader, will acquire a 51 percent stake in AIQ with ADNOC retaining a 49 percent shareholding. Previously, ADNOC held 60 percent of the shares while G42 held 40 percent. The agreement aims to leverage AIQ’s experience in data to deliver transformational AI-powered solutions to the energy sector.
Under the agreement, ADNOC will receive 4 percent in Presight shares from G42. That is in exchange for 11 percent of its share in AIQ. 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.
Leveraging AI in energy
The partnership aims to capitalize on AIQ’s expertise in AI energy solutions and Presight’s proficiency in big data analytics, product development and global market access. By leveraging both companies’ offerings, AIQ and Presight aim to deliver value and operational efficiencies to ADNOC, G42, Presight and the UAE as a whole.
Commenting on the agreement, Dr. Al Jaber stated: “Our partnership with Presight will further AIQ’s capabilities, and advance ADNOC’s ambition to pioneer technology and AI to build the energy system of tomorrow.” Al Jaber added that through this collaboration, AIQ will become the energy industry’s leading AI company, delivering value to Abu Dhabi and the UAE.
AI is revolutionizing entire sectors globally. Therefore, ADNOC aims to be the most AI-enabled company in the energy industry. In 2023, ADNOC announced that it generated $500 million (AED1.84 billion) in value by deploying AI solutions. From the integration of over 30 industry-leading AI tools across its full value chain, ADNOC has implemented AI in field operations as well as corporate decision-making.
“Since its record-setting debut on the Abu Dhabi Securities Exchange (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,” Mansoor Al Mansoori, chairman of Presight, stated.
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AIQ’s key AI tools drive ADNOC’s efficiency
AIQ has developed more than 20 AI applications and filed 16 patents. Its key AI tools drive efficiency and unlock value across ADNOC’s operations. Hence, they identify, monitor, and help ADNOC drive down emissions and improve safety.
“AI can play a pivotal role in accelerating the energy transition, and Presight’s acquisition of AIQ, with plans to serve ADNOC and the wider energy sector, further reinforces our commitment to the wellbeing of our planet and its inhabitants,” stated Peng Xiao, group CEO of G42.
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