DUBAI (Reuters) – Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi artificial intelligence firm G42 are in early talks about potentially floating their technology joint venture AIQ, two people familiar with the matter said. a source told Reuters.
AIQ, 60% owned by ADNOC and 40% owned by G42, uses artificial intelligence and machine learning to optimize processes, improve planning, and increase profitability for ADNOC and the broader oil and gas industry.
The company is considering a potential initial public offering (IPO) at the end of the year, but declined to be named because the matter is private, said the people.
AIQ’s owners are discussing whether the deal will be classified as an international deal or offered only to domestic investors, the people said.
AIQ recently hired veteran investment banker Youssef Salem as chief financial officer, according to people familiar with the matter. Mr. Salem spent five years at Moelis & Company (MC.N) and held a number of positions at boutique banks in the United States until 2021. He was then appointed as an outside senior adviser to the bank until April this year.
ADNOC, which supplies nearly 3% of global oil demand, declined to comment. G42, AIQ and Salem, which are backed by Abu Dhabi state fund Mubadala Investment Company, did not respond to requests for comment.
The artificial intelligence company’s share price hits the US market this year after OpenAI, the owner of the chatbot ChatGPT that gives surprisingly human-like responses to user questions, wins a multi-billion dollar investment from Microsoft. contributed to the rise. (MSFT.O).
The G42 is part of a business empire overseen by its chairman, Sheikh Tahnoon bin Zayed Al Nahyan. He is also the UAE’s National Security Advisor and a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed Al Nahyan.
ADNOC launched its surface unit in 2017. It listed its gas business in March after raising $2.5 billion in the world’s largest IPO in the first quarter.
Reported by Hadir Al-Sayeg.Editing: Stephen Coates
Our criteria: Thomson Reuters Trust Principles.