Abu Dhabi’s Bold Technologies, a Bold Holdings subsidiary, has forged a partnership with global AI enterprise, My Aion, to start a $2.5 billion smart city project. This initiative is aimed at revolutionizing urban infrastructure using artificial intelligence.
These companies have disclosed the creation of an AI platform named Aion Sentia Cognitive City to manage intricate urban systems. My Aion’s AI core engine, Maia will power this platform. The goal is to efficiently manage and optimize systems spanning mobility, energy, healthcare, education, and digital services. Daniele Marinelli, My Aion’s CEO, stated that the AI will be so user-friendly that it can suggest and book the perfect anniversary dinner venue without requiring any effort from the user.
Initially, the project will be launched in Abu Dhabi and then spread across the globe. The launch is anticipated to take place in 18 months.
The project is designed under a $2.5 billion Build-Operate-Transfer (BOT) model. This model is a public-private partnership ideal for large-scale infrastructure and technology projects. Private sector entities construct the infrastructure, operate, and manage the system for a set period. They also recover their investment and earn profits during the operation phase. After an agreed-upon period, the system’s ownership and control are transferred to a public sector entity or the government.
Bold Technologies CEO Thani Al Thani Al Falasi stated that this initiative would create jobs for UAE locals and significantly contribute to the national AI ecosystem. My Aion’s Marinelli mentioned that moving to Abu Dhabi opens a new chapter for their global operations. “The UAE provides the necessary infrastructure and institutional support to scale responsibly and strategically”, said Marinelli.
Meanwhile, on May 20, Catena Labs, led by Circle co-founder Sean Neville, stated its plan to establish an AI-native financial institution. The project claimed that while AI systems can use traditional forms of payment, they “gain superpowers” when coupled with stablecoins. Also, Binance’s co-founder and former CEO Changpeng Zhao mentioned at Token2049 event in Dubai that “the currency for AI is crypto.” Zhao added that AI can leverage blockchain technology and has much more applications than just launching tokens in one click.
