Italy's Synapsia has secured a $2.5 billion deal with UAE's Bold Technologies to deliver AI-powered city management services for Abu Dhabi, as confirmed by Synapsia CEO Daniele Marinelli. The Italian firm will create technology to address urban challenges like transportation, parking, and disaster response. Marinelli described the initiative as a "cognitive city project, an evolution of the smart city concept."
The agreement, inked on March 3, involves Bold Technologies making five payments totaling $2.5 billion over 18 months, contingent on achieving set milestones. In a joint statement, Synapsia and Bold Technologies highlighted that their collaboration will enable cities to shift from inefficient data silos to self-learning urban networks that enhance infrastructure, transportation, and energy efficiency in real-time.
Marinelli disclosed plans for the formation of a new entity, My Aion Inc., through the partnership, aiming for a future IPO on the Abu Dhabi stock exchange slated for the period between 2027 and 2029.
Italy, led by Prime Minister Giorgia Meloni, is seeking closer economic relations with Gulf nations, despite opposition concerns regarding human rights issues. During a recent bilateral summit, Meloni hinted at ongoing discussions with the United Arab Emirates.
The UAE, a prosperous oil-producing nation, faces heightened competition from neighboring Qatar and Saudi Arabia.