UAE In-Focus – Abu Dhabi’s Presight AI to raise over $495m in IPO 

UAE In-Focus – Abu Dhabi’s Presight AI to raise over $495m in IPO 

RIYADH: Presight AI, a data analytics firm owned by Abu Dhabi’s G42 Group, plans to raise 1.82 billion dirhams ($495 million) from an initial public offering and subsequently list its shares on the Abu Dhabi Securities Exchange’s first market.

On March 3, the UAE Securities and Commodities Authority approved the company’s IPO application.

The firm plans to sell 1.36 billion shares at 1.34 dirhams per share, according to an advertisement published in the local media. Following the IPO, the share capital of Presight AI will be 560.86 million dirhams.

Presight has entered into a cornerstone investment agreement with Abu Dhabi conglomerate International Holding Co., through which IHC has committed to invest in the planned IPO.

Last year, G42 did an IPO of another subsidiary, Bayanat, an Abu Dhabi-based provider of geographic data and analytics. G42 is backed by Abu Dhabi’s sovereign wealth fund Mubadala.

AD Ports Group and SEG ENERA Group, one of the multisectoral holding companies in Uzbekistan, announced the formation of a joint venture, ADL-Ulanish, that will provide end-to-end global logistics services across Uzbekistan.

Through the enterprise, AD Ports Group will bring its expertise in global supply chain logistics and advanced technology to the new company to address some of the logistics challenges faced