Synapsia, an Italian company, has signed a $2.5 billion contract with UAE’s Bold Technologies to provide AI-powered city management services for Abu Dhabi. The project will focus on urban issues such as transportation, parking, and emergency disaster response. This initiative, which Synapsia calls a “cognitive city project,” aims to evolve the smart city concept.
The deal, signed on March 3, involves Bold Technologies paying the $2.5 billion in five installments over 18 months, contingent upon achieving specific milestones. The AI technology will enable cities to transition from inefficient data silos to autonomous, self-learning networks that optimize infrastructure, transportation, and energy in real-time.
Synapsia and Bold Technologies will create a new company, My Aion Inc., with plans to float it on the Abu Dhabi stock exchange through an initial public offering (IPO) between 2027 and 2029.
The collaboration highlights Italy’s growing economic ties with Gulf countries, as the UAE looks to position itself as a leader in artificial intelligence. The partnership also reflects the UAE’s commitment to leveraging AI to address urban challenges and drive innovation in city management.
