The new ownership structure will see ADNOC holding 49% of the company and giving it a valuation of $1.4 billion, according to a joint company press release.
ADNOC will in turn get a 4% stake in Presight, as it aims to integrate AI into more of its operations and services.
The new ownership structure will see ADNOC holding 49% of the company and giving it a valuation of $1.4 billion, according to aADNOC will in turn get a 4% stake in Presight, as it aims to integrate AI into more of its operations and services. AIQ, for its part, will continue as a standalone company within Presight's portfolio, the release said. AIQ uses AI and machine learning to improve processes in the oil and gas industry.
"We've had the benefit of the huge volumes of data that ADNOC provide. We've also had the insights of the people that come from ADNOC. That combined with our data scientists and software engineers, and also then combined with the infrastructure that's required to run those models that come from Group 42," Cooper said.
United Arab Emirates Technology Breaking News: Technology Emerging Markets Economy Breaking News: Economy Abu Dhabi Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Abu Dhabi-backed fund pulls out of deal to take over UK's Telegraph newspaper groupBritain’s Telegraph newspaper group is back up for sale after a takeover bid by a United Arab Emirates-backed consortium collapsed.
Read more »
Abu Dhabi Global Market and Hacken Forge partnership to elevate blockchain security standardsAbu Dhabi Global Market (ADGM), the international financial centre of the UAE’s capital, and Hacken, a global leader in blockchain security auditing, have signed a Memorandum of Understanding (MoU) to collaboratively set new benchmarks for blockchain security and...
Read more »
NASA releases satellite photos of Dubai and Abu Dhabi before and after record floodingThe deluge closed schools and businesses, grounded hundreds of flights, and destroyed cars, businesses and other property.
Read more »
NASA releases satellite photos of Dubai and Abu Dhabi before and after record floodingThe deluge closed schools and businesses, grounded hundreds of flights, and destroyed cars, businesses and other property.
Read more »
Microsoft Invests $1.5 Billion in Abu Dhabi AI Firm G42Microsoft has invested $1.5 billion in Abu Dhabi-based artificial intelligence firm G42, securing a board seat and aiming to strengthen its position in the AI industry. G42 will utilize Microsoft's Azure service for its AI applications and services, and the two companies will collaborate on developing AI products. The deal was made in consultation with the US and UAE governments, as the US seeks to gain an advantage over China in the Gulf region and AI technology.
Read more »
World’s first esports island gets Abu Dhabi’s billion-dollar backingAbu Dhabi has announced the world's first esports island. It will have training facilities, a tournament arena, and a luxury esports-themed hotel.
Read more »