Abu Dhabi National Oil Company ADNOC and Abu Dhabi's G42 artificial intelligence group are in preliminary discussions about a possible public offering of their joint venture, AIQ, two sources said.
AIQ Technology, which is 60 percent owned by ADNOC and 40 percent by G42, uses artificial intelligence and machine learning to improve operations and planning and increase the profitability of ADNOC and the oil and gas industry in general, according to Reuters.
The two sources, who requested anonymity because the matter is not public, added that the possibility of an initial public offering of the company's shares at the end of the year is being discussed.
They indicated that the owners of AIQ are debating whether to make the potential offering an international deal, or to market it exclusively to local investors.
ADNOC, which supplies about 3 percent of global oil demand, declined to comment. G42 Group, which is backed by Abu Dhabi sovereign fund Mubadala Investment Fund, AIQ and Salem did not immediately respond to a request for comment.
Shares of artificial intelligence companies helped lead the rise in shares in the US market this year after US company OpenAI, owner of ChatGBT, which provides human-like responses to user questions, succeeded in attracting billions of dollars in investment from Microsoft.
It is noteworthy that ADNOC began offering units for public subscription in 2017, and listed its gas business in March after raising $ 2.5 billion from the initial public offering, which was the largest in the world during the first quarter.
