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Michalis Mitas Appointed As New President Of Paphos Regional Tourism Board

by THEFUTURE.TEAM

July 18, 2025

Leadership Transition And Strategic Renewal

The Paphos Regional Tourism Board has announced a significant leadership change, naming Michalis Mitas as its new president. Mitas succeeds Kyriakos Drousiotis, whose two consecutive terms from 2021 to 2025 left a legacy of financial health and forward-thinking initiatives within the organization.

A Well-Planned Handover

At a special board session on July 16, the outgoing president expressed confidence in the board’s continued success and robust financial status. He underscored the organization’s progress towards becoming a smarter, more accessible, sustainable, and creative destination. His parting message was clear: it is now the responsibility of Mitas to build on this strong foundation, further consolidating Paphos’ reputation as a premier tourism hub.

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Vision For Continued Innovation

New president Michalis Mitas emphasized his commitment to maintaining the board’s dynamic initiatives. He assured stakeholders that core actions—such as enhancing tourist experiences and promoting a diverse range of initiatives—would not only continue but be further strengthened. Mitas outlined his strategy to improve collaborative efforts with industry partners and address long-standing challenges including accessibility issues and the decline of rural, maritime, and coastal tourism sectors.

Expertise And Strategic Background

Mitas brings a wealth of experience to the role. With a 15-year tenure as a board member of the Paphos Chamber of Commerce and Industry and significant involvement with various organizations, he is well-positioned to lead the board. Additionally, his role as assistant general secretary of the Cyprus Football Association and a robust academic background in business administration and marketing underscore his credentials. Moreover, his 35-year career in managing tourist accommodations aligns seamlessly with the board’s objectives for growth and innovation.

Looking Ahead

Assuming the presidency from 2025 to 2027, Michalis Mitas is set to build on the legacy of his predecessors and drive strategic progress within the Paphos tourism sector. His leadership signals a renewed focus on financial resilience, innovation, and sustainable development, positioning the organization to navigate future challenges and opportunities effectively.

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FinTech’s Dominance In MENA: Three Strategic Drivers Behind Unyielding VC Success

by THEFUTURE.TEAM

September 11, 2025

Despite facing tightening global liquidity and macroeconomic headwinds, the FinTech sector continues to assert its leadership in the MENA region. In the first half of 2025, FinTech emerged as the most resilient and appealing arena for venture capital investments, proving its worth as a catalyst for financial innovation and inclusion.

Addressing Structural Financial Gaps

In many parts of MENA, a significant proportion of the population remains underbanked and underserved by traditional financial institutions. FinTech companies are uniquely positioned to address these persistent challenges by bridging critical access gaps and driving financial inclusion. With the proliferation of payment apps, digital wallets, and micro-lending platforms, investors have witnessed firsthand how these solutions pave the way for scalable growth and eventual exits. Early-stage momentum in the region is underscored by a doubling of pre-seed deals year-over-year, reinforcing the sector’s capacity for rapid innovation and sustainable expansion.

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Highly Scalable and Replicable Business Models

One of the key factors behind FinTech’s dominance is the inherent scalability of its business models. Once the necessary infrastructure and regulatory approvals are in place, these models have demonstrated robust performance across borders. The first half of 2025 saw a marked acceleration in deal activity, with payment solutions leading the charge with 28 deals in MENA—a significant increase over the previous year. Lending platforms, in particular, experienced a meteoric 500% year-over-year increase in funding, emerging as the fastest-growing subindustry. Such replicability makes FinTech an attractive proposition for investors seeking high-growth opportunities in diverse markets.

Supportive Regulatory And Government Backing

The strategic support offered by key government initiatives in the UAE and Saudi Arabia has been instrumental in propelling the FinTech sector forward. Progressive frameworks, such as the UAE’s open finance and digital asset directives, coupled with Saudi Arabia’s live-testing sandboxes, have materially lowered entry barriers for startups. These measures not only foster innovation but also streamline the path to commercialization. Consequently, the combined efforts of these regulatory bodies have enabled the UAE and Saudi Arabia to account for 86% of MENA’s total FinTech funding in H1 2025.

The resilience of FinTech in MENA is not merely a reflection of contemporary market trends—it signals a fundamental shift in the region’s economic fabric. With an unwavering commitment to addressing real financial challenges, scalable and replicable business practices, and robust regulatory support, FinTech is setting the benchmark for sustainable innovation. As capital markets become increasingly discerning, this sector stands out as a beacon of long-term growth and transformative impact.