Italy’s Synapsia has reached a US$2.5 billion agreement with the United Arab Emirates’ Bold Technologies to provide AI-driven city management services in Abu Dhabi.

The contract, signed on Mar. 3, will focus on addressing urban challenges such as transportation, parking, and disaster response, according to CEO Daniele Marinelli.

Payments under the contract will be made in five installments over an 18-month period, contingent upon achieving specific milestones.

The companies plan to create a new entity, My Aion Inc., which they intend to list on the Abu Dhabi stock exchange through an initial public offering between 2027 and 2029.

The project aims to develop “cognitive cities,” an advanced version of the smart city concept.