Adnoc, G42, Presight team up to accelerate AI for energy sector

Adnoc, G42 and Presight AI Holding , an ADX publicly listed company,  announced a new shareholding structure for AIQ. Under the agreement, Artificial Intelligence (AI) and Big Data Analytics leader Presight will acquire a 51 percent stake in AIQ with Adnoc retaining a 49 per cent shareholding (previously G42 40 percent, Adnoc 60 percent). AIQ will continue as a standalone company, leveraging data to deliver transformational AI-powered solutions to the energy sector. 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 percent of its shareholding in AIQ, which, at current Presight market value, values AIQ at over $1.4 billion.

Dr. Sultan bin 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 the Vice-Chairman.

The transaction will combine AIQ’s breakthrough AI energy solutions with Presight’s cross-sector big data analytics, product development, and international market access to position AIQ as a leading energy-focused AI organisation. By integrating AIQ and Presight’s big data analytics and AI offerings, the companies will realise operational efficiencies and synergies while meeting a wider array of customer requirements, and deliver greater value for Adnoc, Presight, G42 and the UAE.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, 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, and 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 boardroom. 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.”

AI is revolutionising entire sectors and Adnoc aims to be the most AI-enabled company in the energy industry. For decades, ADNOC has developed its digital infrastructure, enabling the Company to rapidly expand its business, unlock untapped opportunities, and responsibly supply energy to meet customer needs. 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, from field operations to smarter and quicker corporate decision-making. Together, these applications also abated up to 1 million tons of carbon dioxide (CO2) emissions between 2022 and 2023, the equivalent of removing around 200,000 gasoline-powered cars from the road.

Mansoor Al Mansoori, Chairman of Presight, said, “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 magnetise top-tier talent and global clientele. Today’s transaction will unlock both Presight and AIQ’s immense growth potential, positioning the two organisations for unprecedented local and global success.”

Peng Xiao, Group CEO of G42, commented, “This transaction underscores once again G42’s ability to grow organisations poised for technological leadership in their respective domains and create shareholder value. 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.”

Launched in 2020 in partnership with G42, AIQ quickly established itself as a leading provider of AI solutions in the energy sector, reinforcing Abu Dhabi’s position as a leading global hub for AI.

AIQ has already developed over 20 AI applications and filed 16 patents. Its key AI tools are already driving efficiency and unlocking value across Adnoc’s operations, identifying, monitoring, and helping ADNOC to drive down emissions, and improve safety. The Company’s AI solutions, which are trained using vast amounts of current and historical data, are being commercialised and will be the foundation for the transformative growth of AIQ.

Meanwhile, Dr. Karim El Solh, Co-Founder and Chief Executive Officer of Gulf Capital, confirmed that the company aims to increase its assets under management (AuM) from the current US$2.4 billion to around $3.15 billion by the next year 2025.

El Solh, in statements to Emirates News Agency (WAM), stated that Gulf Capital is currently investing in its third private equity fund, which is worth $750 million. He noted that the fund had invested 90 percent of the funds collected so far, and is in the process of investing the remaining 10 percent before launching its fourth fund, expected to be worth $750 million.

WAM