Synapsia Secures $2.5 Billion Contract for AI-Powered City Management in Abu Dhabi

Synapsia lands $2.5 billion contract for AI city management in Abu Dhabi, report says By Investing.com

Investing.com -- Italian firm Synapsia has inked a $2.5 billion agreement with UAE's Bold Technologies, Reuters reported on Tuesday. The contract involves providing artificial intelligence (AI) powered city management services for Abu Dhabi, according to Synapsia's CEO Daniele Marinelli, the report said. The technology developed by Synapsia will address urban issues including transportation, parking, and emergency response to disasters. Marinelli referred to the initiative as a "cognitive city project," signifying an advanced version of the smart city concept. The agreement, which was signed on March 3, outlines that Bold Technologies will disburse the $2.5 billion in five payments over a period of 18 months, the report added.

Italy's Synapsia signs $2.5 bln deal with UAE's Bold Technologies

ROME, March 11 (Reuters) - 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 optimise 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 neighbouring Qatar and Saudi Arabia. Reporting by Alvise Armellini, additional reporting by Federico Maccioni Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial Intelligence

Italy's Synapsia Signs $2.5 Billion Deal With UAE's Bold Technologies

ROME (Reuters) - 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 optimise 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 neighbouring Qatar and Saudi Arabia. (Reporting by Alvise Armellini, additional reporting by Federico Maccioni)

Italy's Synapsia signs $2.5 billion deal with UAE's Bold Technologies

ROME (Reuters) - 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 optimise 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 neighbouring Qatar and Saudi Arabia. (Reporting by Alvise Armellini, additional reporting by Federico Maccioni)