Oak Brook, Illinois: OneMind Technologies, a wholly owned subsidiary of Affluence Corporation (AFFU OTC)) and Orange Business Services (ORAN NYSE) attended a formal signing ceremony for the first phase of the King Abdullah Financial District (KAFD) Project. The agreement was signed on Sept. 4 at a formal ceremony hosted by KAFD, which was attended by more than 50 guests. In attendance were Gautam Sashittal, CEO of KAFD DMC, Sahem Azzam, senior vice president of Middle East, Africa, and Turkey of Orange Business and Stephane Eyme Global CEO of OneMind Technologies.
King Abdullah Financial District Development & Management Co. chose Orange Business, to design, build and run an advanced smart city platform that will seamlessly integrate with KAFD's existing digital infrastructure utilizing OneMindNG Technologies' Hypervisor as the key component of the platform. This strategic partnership aims to incorporate advanced technologies including artificial intelligence and data analytics into the existing platform, enhancing the smart city experience within the area, known as Saudi Arabia's premier business district.
"The development of KAFD's digital infrastructure aligns with Saudi Arabia's Vision 2030, as the Kingdom strives to enhance livability and competitiveness within its business districts." Gautam Sashittal, CEO of KAFD DMC, said: "The increasing wave of urbanization across the world is set to uncover a $517 billion market for smart city solutions with an annual growth rate of 25 percent, a fact that plays into KAFD's objectives of building a future-proof and business-friendly hub in Riyadh." He added: "A major step in that direction, our partnership with Orange Business will further strengthen our drive to become a global pioneer in smart urban development."
Under the new agreement, Orange Business will deliver a range of services to KAFD, including the Orange Smart City Platform, capable of managing big data, data analytics encompassing descriptive, predictive, and prescriptive analytics, and governance. "The commissioning of the Smart City Platform is a clear signal of our commitment to elevate what is already a world-class district to the next level of smart city evolution - what we call the cognitive city," said Sahem Azzam, senior vice president of Middle East, Africa, and Turkey for Orange Business. He added: "This is driven by the collection of data and leveraging AI and data analytics to provide deeper user insights as a basis for new use cases, revenue streams, and innovative services for the city's population. It will also optimize city operations - making them better, faster, and safer."
"This is a tremendous long-term opportunity for OneMind and solidifies our position as the technology leader in the Smart City Software market," said Stephane Eyme, Global CEO of OneMind Technologies. "The KAFD project is the largest and most significant smart city project in the world and the entire Smart City market is watching this and taking note. This is our largest win to date and again the architecture and flexibility of our product to ingest any type of data were instrumental to award us during this very competitive tender process against first tier companies. In the Smart City market and the Big Data market there are multiple systems that require data inputs from a myriad of sources, what makes our product superior is that we seamlessly integrate all disparate data sources giving the customer a unified view allowing them to utilize their existing infrastructure. In contrast our competitors can only work within their own proprietary data sources. This is the second large opportunity won through Orange Business with our product being one of the key elements. As a premier technology awarded Best Partner MEA last year by Orange Business, we are extremely happy with the partnership and look forward to continued growth and opportunities within KAFD and throughout the Orange Business customer base," continued Eyme.
About Affluence Corporation
Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city software and innovative solutions that capitalize on IoT, AI and 5G technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet. For more information go to https://affucorp.com
About OneMind Technologies SL
OneMind Technologies SL is a wholly owned subsidiary of Affluence Corporation. The OneMind Intelligent IoT solution builder is used to create applications for smart construction and smart city operations. Functioning as systems of systems, OneMind connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. The OneMind Smart City solution is deployed in Barcelona, San Francisco, Guadalajara, Oslo and many other cities throughout the world. For more information go to https://www.onemindtechnologies.com
For further information contact Affluence Corporation Investor Relations at 720-295-6409.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.
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