Italy's Synapsia signs $2.5 bln deal with UAE's Bold Technologies
Italy's Synapsia has signed a $2.5-billion contract with UAE's Bold Technologies to provide AI-powered city management services for Abu Dhabi, Synapsia CEO Daniele Marinelli told Reuters.
The Italian company will develop technology to handle urban issues such as transport, parking and emergency response to disasters, Marinelli said in a phone interview late on Monday.
He called it a 'cognitive city project, an evolution of the smart city concept.'
Under the deal, signed on March 3, Bold Technologies is set to pay the $2.5 billion in five instalments over 18 months, subjects to milestones.
'By integrating Synapsia's AI, cities will transition from inefficient data silos to autonomous, self-learning urban networks that optimize infrastructure, transportation, and energy use in real-time,' Synapsia and Bold Technologies said in a joint statement.
Marinelli said the two groups would create a new company, called My Aion Inc., with a view to float it on the Abu Dhabi stock exchange with an initial public offering planned sometimes between 2027 and 2029.
Under Prime Minister Giorgia Meloni, Italy is pursuing stronger economic ties with Gulf countries, despite concerns over human rights issues raised by political opponents.
At a bilateral summit in February, Meloni said the United Arab Emirates had pledged to invest $40 billion in Italy, without providing any time frame.
The UAE, a wealthy oil producer, is in a race to become an AI leader amid rising competition from neighboring Qatar and Saudi Arabia.
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