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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.
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