Synthetic intelligence (AI) and large knowledge analytics agency Presight AI Holding PLC has partnered with Abu Dhabi Nationwide Oil Firm (Adnoc) and purchased a 51 p.c stake in AIQ, an AI pioneer within the power sector.
Adnoc now owns a 49 p.c stake in AIQ, decreased from its earlier curiosity of 60 p.c. AIQ was beforehand owned by AI firm G42 with a 40 p.c stake, based on a joint information launch from the three events.
As a part of the transaction, Adnoc will obtain 4 p.c in Presight shares at the moment from G42, in alternate for 11 p.c of Adnoc’s shareholding in AIQ on the present Presight market worth. The transaction values AIQ at over $1.4 billion.
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With the brand new AIQ possession construction, AIQ will proceed as a standalone firm, leveraging knowledge to ship transformational AI-powered options to the power sector. The transaction is topic to Presight’s shareholder and regulatory approval, based on the information launch.
The transaction will mix AIQ’s breakthrough AI power options with Presight’s cross-sector huge knowledge analytics, product improvement, and worldwide market entry. It will place AIQ as a number one energy-focused AI group, the discharge famous.
“The UAE has embraced AI to drive productiveness, financial progress and social development, with Adnoc laser-focused to develop into the world’s most AI-enabled power firm, delivering smarter, cleaner and safer power to the world,” Adnoc Managing Director and Group CEO Sultan Ahmed Al Jaber stated. “Our partnership with Presight will additional AIQ’s capabilities, advance Adnoc’s ambition to pioneer know-how and AI to construct the power system of tomorrow, with knowledge integration from the management room to the board room. Via this collaboration, I’m assured that AIQ will develop into the power trade’s main AI firm, delivering enhanced worth to Abu Dhabi and the UAE”.
“Since its record-setting debut on the Abu Dhabi Securities Trade (ADX) in 2023, Presight has emerged as a world powerhouse, showcasing sturdy progress, sustainable profitability, and a capability to magnetize top-tier expertise and international clientele,” Presight Chairman, Mansoor Al Mansoori stated. “In the present day’s transaction will unlock each Presight and AIQ’s immense progress potential, positioning the 2 organizations for unprecedented native and international success”.
“This transaction underscores as soon as once more G42’s potential to develop organizations poised for technological management of their respective domains and create shareholder worth,” G42 Group CEO Peng Xiao stated. “AI can play a pivotal function in accelerating the power transition, and Presight’s acquisition of AIQ, with plans to serve Adnoc and the broader power sector, additional reinforces our dedication to the wellbeing of our planet and its inhabitants”.
Al Jaber will assume the function of AIQ Chairman, whereas Al Mansoori will probably be Vice-Chairman, the discharge stated.
AIQ was launched in 2020 in partnership with G42. The corporate shortly established itself as a number one supplier of AI options within the power sector, reinforcing Abu Dhabi’s place as a number one international hub for AI, based on the discharge.
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