Italy’s Synapsia Secures $2.5 Billion AI Deal with UAE’s Bold Technologies

Italy’s Synapsia has entered into a landmark agreement with the United Arab Emirates’ Bold Technologies, securing a $2.5 billion contract to implement AI-driven city management services in Abu Dhabi. According to Reuters, the deal aims to revolutionize urban infrastructure by leveraging artificial intelligence to enhance various municipal functions, including transportation, parking, and emergency response systems.

Synapsia’s Chief Executive Officer, Daniele Marinelli, confirmed the agreement in a phone interview late on Monday. Per Reuters, he described the initiative as a “cognitive city project,” an advanced iteration of the smart city model that seeks to integrate AI for more autonomous and efficient urban management.

The contract, signed on March 3, outlines that Bold Technologies will make payments in five installments over 18 months, contingent on the achievement of specified milestones. According to a joint statement from Synapsia and Bold Technologies, the integration of AI solutions will enable cities to transition from fragmented data systems to self-learning networks that optimize infrastructure, transport, and energy consumption in real-time.

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Looking ahead, Marinelli revealed that the partnership will establish a new company, My Aion Inc., which is expected to go public on the Abu Dhabi stock exchange. Per Reuters, an initial public offering (IPO) is anticipated between 2027 and 2029, marking a significant financial move in the AI and urban development sectors.

The deal aligns with Italy’s broader economic strategy under Prime Minister Giorgia Meloni, who has been actively fostering stronger trade relations with Gulf nations. At a bilateral summit in February, Meloni highlighted the UAE’s commitment to investing $40 billion in Italy, though no specific timeline was provided for the investment.

Source: Reuters