ADNOC, G42, and Prysite AI Holding PLC (Prysite), listed on the Abu Dhabi Securities Exchange, announced today a change in the ownership structure of AIO Co., where Prysite, a leading company in artificial intelligence and big data analytics, acquired a 51% stake in AIO Co., while ADNOC retained a 49% stake (previously G42 owned 40% and ADNOC 60% of the company’s shares).
AIO Co. will continue to operate independently, benefiting from the big data provided by ADNOC to deliver intelligent solutions and quality to the energy sector. The deal will be presented for approval by Prysite shareholders and relevant regulatory authorities.
Under the deal, ADNOC will receive 4% of G42’s shares in Prysite in exchange for transferring 11% of its stake in AIO Co. Based on Prysite’s current market value, the value of AIO Co. is estimated at over $1.4 billion.
Dr. Sultan Ahmed Al Jaber, the Minister of Industry and Advanced Technology and CEO of ADNOC and its group of companies, will assume the position of Chairman of the Board of AIO Co., while Mansour Al Mansouri, Executive Council member of the Abu Dhabi Emirate, Chairman of the Health Department – Abu Dhabi, and Chairman of Prysite, will become Vice Chairman of AIO Co.’s Board of Directors.
The deal will merge the advanced artificial intelligence technology provided by AIO Co. with Prysite’s cross-sector big data analytics technologies and its expertise in product development and international expansion, aiming to enhance AIO Co.’s position as a leading company in artificial intelligence focusing on the energy sector.
By integrating big data analytics and artificial intelligence services from AIO Co. and Prysite, the two companies will achieve operational efficiency and integration while meeting a wide range of customer needs and providing greater value to the UAE, ADNOC, Prysite, and G42.
Dr. Sultan Ahmed Al Jaber stated: In line with the leadership’s vision in the UAE of adopting and harnessing artificial intelligence technologies to enhance its contribution to driving production, economic growth, and social progress, ADNOC focuses on solidifying its position as the world’s most AI-dependent energy company, providing smart and low-emission energy supplies to the world intelligently. Our partnership with Prysite will contribute to enhancing AIO Co.’s efficiency and advancing ADNOC’s ambitions in leading the technology and artificial intelligence sector to build the future energy system by utilizing integrated data. We are confident in AIO Co.’s ability to capitalize on this cooperation to solidify its position as a leading company in AI technologies and solutions in the energy sector and contribute to delivering additional value to our nation.
ADNOC aims to maximize the benefits of smart technology that has contributed to significant advancements across all sectors. Over decades, ADNOC has developed a digital infrastructure enabling it to accelerate its business growth, fully leverage untapped opportunities, and provide responsibly sourced energy to meet customer needs.
In 2023, ADNOC announced achieving a commercial value of AED 1.84 billion (500 million USD) through artificial intelligence solutions application. The company deployed over 30 advanced AI tools along the energy value chain, improving field operations and speeding up decision-making at the organizational level. The implementation of these solutions resulted in cutting emissions by up to one million tons of CO2 between 2022 and 2023, equivalent to removing around 200,000 gasoline-powered vehicles from the roads.
Mansour Al Mansouri said: Since its official launch on the Abu Dhabi Securities Exchange in 2023, Prysite has succeeded in building its reputation as a global leading company distinguished by robust growth, sustainable profits, and the ability to attract top talents and clients worldwide. Today’s deal represents a significant step towards openiNew horizons for “Prysite” and “AIQ” have emerged, allowing them to achieve unprecedented growth potential, positioning them as leaders in both local and global markets.
Peng Xiao, CEO of the “G42 Group,” stated that this deal once again demonstrates G42’s ability to develop companies and empower them to excel technologically in their fields, creating added value for stakeholders. Artificial intelligence plays a vital role in accelerating the transition towards sustainable energy, and Prysite’s acquisition of AIQ strengthens its commitment to serving ADNOC and the broader energy sector, in alignment with our planet’s health and population.
