November 29, 2023

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Abu Dhabi’s ADNOC, AI agency G42 plan IPO of expertise three way partnership AIQ

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Dubai: Abu Dhabi Nationwide Oil Firm (ADNOC) and Abu Dhabi synthetic intelligence firm G42 are having early discussions a couple of attainable flotation of their three way partnership expertise agency AIQ, two sources with data of the matter informed Reuters.

AIQ, which is 60 per cent owned by ADNOC and 40 per cent by G42, makes use of synthetic intelligence and machine studying to optimise processes, enhance planning and improve profitability for ADNOC and the broader oil and gasoline business.

The corporate is being thought-about for a attainable preliminary public providing on the finish of the 12 months, stated the sources, declining to be named because the matter is just not public.

AIQ’s homeowners are within the strategy of discussing whether or not to place the deal as a global transaction, or market the providing solely to the home buyers, they stated.

AIQ not too long ago employed veteran funding banker Youssef Salem as chief monetary officer, the sources stated. Salem labored at Moelis & Co for 5 years and held quite a few positions on the US boutique financial institution till 2021. He was then appointed as an exterior senior advisor to the financial institution till April this 12 months.

Shares of synthetic intelligence companies have helped lead an fairness rally within the US market this 12 months after US agency OpenAI, the proprietor of ChatGPT, a chatbot that provides strikingly human-like responses to consumer queries, snagged a multi-billion greenback funding from Microsoft Corp.

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