Economy Update – Follow-up
Danielli Marinelli, CEO of Italian company Cinepatia, has announced a significant contract amounting to $2.5 billion with UAE Bold Technologies. This partnership aims to deliver city management services enhanced by artificial intelligence to Abu Dhabi.
In a recent phone interview, Marinelli disclosed that Cinepatia will focus on developing advanced technologies to optimize urban services, including transportation management, vehicle parking systems, and emergency response frameworks during disasters.
Marinelli characterized the Abu Dhabi initiative as a “cognitive city project,” representing an evolution in the concept of smart cities.
Under the terms of the agreement signed on March 3, Bold Technologies will remit the $2.5 billion in five installments over an 18-month period, contingent upon the progress of the project.
“The integration of artificial intelligence from Sinabisa will transition cities from inefficient data centers to autonomous, self-learning urban networks. This evolution will enhance infrastructure, transportation, and energy consumption in real-time,” stated both companies in a joint communication.
Additionally, Marinelli revealed plans for the formation of a new entity named My Ion, which aspires to be publicly listed on the Abu Dhabi Stock Exchange between 2027 and 2029.
Under the leadership of Prime Minister Georgeta Meloni, Italy aims to strengthen its economic ties with Gulf states, notwithstanding concerns about human rights raised by critics of the collaboration.
During a dual summit in February, Meloni noted that the UAE had committed to investing $40 billion in Italy, although no specific timeframe was provided.
The UAE, a prominent oil producer, is vying for dominance in the field of artificial intelligence, amidst growing competition from both Qatar and Saudi Arabia.
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