Abu Dhabi AI company Presight takes majority stake in tech venture AIQ

FILE PHOTO: Illustration shows Presight AI logo

DUBAI (Reuters) - Artificial intelligence company Presight AI Holding has acquired a majority stake in AIQ, a technology joint venture between Abu Dhabi National Oil Company (ADNOC) and G42, under a new ownership structure announced by the companies on Wednesday.

Under the new arrangement, Presight will hold a 51% stake in AIQ with ADNOC retaining a 49% shareholding, valuing the company at $1.4 billion, a joint company statement said.

Prior to the new structure, AIQ was 60% owned by ADNOC and 40% by G42, another Abu Dhabi advanced technology company.

AIQ uses AI and machine learning to optimise processes, improve planning and increase profitability for ADNOC and the wider oil and gas industry.

Sultan Al Jaber, ADNOC's CEO and minister of industry and

advanced technology, will take over as AIQ chairman.

Last year, Reuters reported that ADNOC and G42 were in early discussions about a possible initial public offering (IPO) of AIQ.

(Reporting by Rachna Uppal. Editing by Jane Merriman)