Synapsia signed a $2.5 billion AI city management agreement in Abu Dhabi.

Investing.com -- The Italian company Synapsia has signed a $2.5 billion deal with the UAE's Bold Technologies, according to a report by Reuters on Tuesday.

According to the report, the contract involves providing artificial intelligence (AI) supported city management services for Abu Dhabi. Synapsia's CEO Daniele Marinelli stated this.

The technology developed by Synapsia will address urban issues such as transportation, parking, and emergency response to disasters. Marinelli described the initiative as the "cognitive city project," an advanced version of the smart city concept.

According to the report, the agreement signed on March 3 anticipates that Bold Technologies will make the $2.5 billion payment in five installments over an 18-month period.

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