The companies usually also recoup their investment 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 the job creation for UAE citizens.“This initiative will support job creation for UAE nationals, foster local innovation and contribute meaningfully to the national AI ecosystem,” he said. Meanwhile, My Aion’s Marinelli said that relocating to Abu Dhabi gives their global operations a new chapter.“The UAE offers the infrastructure and institutional support needed to scale responsibly and strategically,” Marinelli said.
Cointelegraph reached out to Bold Technologies and My Aion for more information. Related: Decentralized OORT AI data hits top ranks on Google KaggleCrypto proponents say AI could benefit from digital assetsOn May 20, Catena Labs, a project led by Circle co-founder Sean Neville, announced that it will create an AI-native financial institution.
Abu Dhabi-based Bold Technologies, a subsidiary of conglomerate Bold Holdings, has partnered with international artificial intelligence firm My Aion to launch a $2.5 billion smart city initiative aimed at transforming urban infrastructure through AI.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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