Abu Dhabi’s Bold Technologies to launch $2.5B AI infrastructure initiative
Abu Dhabi-based Bold Technologies, a subsidiary of conglomerate Bold Holdings, has partnered with international artificial intelligence company My Aion to launch a $2.5 billion smart-city initiative aimed at transforming urban infrastructure through AI.
The companies announced the development of a platform called Aion Sentia Cognitive City, which manages complex urban systems. The platform will be powered by Maia, an AI core engine developed by My Aion, and aims to optimize and manage systems across mobility, energy, education, healthcare and digital services.
My Aion CEO Daniele Marinelli said the AI will know the user well enough to “recommend the perfect place for your anniversary dinner and book it for you without you lifting a finger.”
The project will debut in Abu Dhabi before expanding internationally. It is expected to launch in 18 months.
The project is structured under a $2.5 billion Build-Operate-Transfer (BOT) model, a public-private partnership model for large-scale infrastructure and technology projects. Under the model, private sector entities construct the infrastructure, run and manage the system for a certain period. The companies usually recoup their investments and earn profits during the operational phase. At the end of the period set by the parties involved, ownership and control of the systems developed through the BOT model are transferred to the government or a public sector entity. Bold Technologies CEO Thani Al Thani Al Falasi said the initiative will support UAE job creation. “This initiative will support job creation for UAE nationals, foster local innovation and contribute meaningfully to the national AI ecosystem,” he said. My Aion’s Marinelli said that relocating to Abu Dhabi provides their global operations with a new chapter. “The UAE offers the infrastructure and institutional support needed to scale responsibly and strategically,” Marinelli said. Cointelegraph has reached out to Bold Technologies and My Aion for more information. Related: Decentralized OORT AI data hits top ranks on Google Kaggle On May 20, Catena Labs, a project led by Circle co-founder Sean Neville, announced that it will create an AI-native financial institution. The project said that while AI systems can use traditional forms of payment, they “gain superpowers” when paired with stablecoins. In addition, Binance co-founder and former CEO Changpeng Zhao said at the Token2049 event in Dubai that “the currency for AI is crypto.” Zhao said AI can use blockchain technology and has far more use cases than just launching tokens in one click. Magazine: Crypto AI tokens surge 34%, why ChatGPT is such a kiss-ass: AI Eye
Multibillion-dollar AI project to create jobs for UAE nationals
Crypto proponents say AI could benefit from digital assets
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