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[1]
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.
[2]
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
[3]
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)
[4]
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)
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Italian firm Synapsia signs a major deal with UAE's Bold Technologies to develop AI-driven urban management solutions for Abu Dhabi, marking a significant step towards 'cognitive cities'.
Italian artificial intelligence company Synapsia has secured a groundbreaking $2.5 billion contract with UAE's Bold Technologies to provide AI-powered city management services for Abu Dhabi. The agreement, signed on March 3, 2025, marks a significant step towards creating a "cognitive city" in the UAE capital 12.
Synapsia CEO Daniele Marinelli described the initiative as a "cognitive city project," representing an evolution of the smart city concept. The technology developed by Synapsia will address various urban challenges, including:
This ambitious project aims to transform Abu Dhabi's urban landscape by leveraging advanced AI capabilities 23.
The contract outlines a structured payment plan, with Bold Technologies set to disburse the $2.5 billion in five installments over 18 months, subject to achieving specific milestones. This approach ensures a phased and accountable implementation of the project 24.
According to a joint statement from Synapsia and Bold Technologies, the integration of Synapsia's AI will facilitate a paradigm shift in urban management:
"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" 23.
This vision aligns with the growing global trend towards smart and sustainable urban environments.
The collaboration between Synapsia and Bold Technologies extends beyond the current project. The two companies plan to establish a new entity, My Aion Inc., with the intention of listing it on the Abu Dhabi stock exchange. An initial public offering (IPO) is projected for sometime between 2027 and 2029 24.
This deal is set against a backdrop of increasing economic ties between Italy and Gulf countries under Prime Minister Giorgia Meloni's administration. In February, Meloni announced that the UAE had pledged to invest $40 billion in Italy, although no specific timeframe was provided 23.
The UAE, a wealthy oil producer, is actively pursuing leadership in AI technology, facing competition from neighboring Qatar and Saudi Arabia. This contract with Synapsia represents a significant step in that direction 24.
The Synapsia-Bold Technologies partnership signifies a major advancement in AI-driven urban management. As cities worldwide grapple with increasing complexity and resource constraints, the success of this "cognitive city" project in Abu Dhabi could set a new standard for smart city initiatives globally.
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