Breaking news

Cyprus And Saudi Arabia Forge Strategic Tourism Alliance

by THEFUTURE.TEAM

August 27, 2025

Strengthening Bilateral Ties

Cyprus and Saudi Arabia are poised to sign a memorandum of cooperation in tourism in the immediate future, following a high-level teleconference between Deputy Minister of Tourism Costas Koumis and Princess Haifa Al Saud, his Saudi counterpart. During the call, Koumis emphasized the critical importance of reinforcing bilateral relations in the tourism sector, a sentiment fully endorsed by the Saudi delegation.

Establishing a Collaborative Framework

The proposed agreement includes the formation of a joint technical committee, comprising officials from both countries, which will be responsible for monitoring and executing the various provisions outlined in the agreement. This structured approach is set to drive systematic progress in the tourism industry while ensuring accountability and efficient implementation of mutual initiatives.

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Enhancing Air Connectivity

Air connectivity emerged as a key priority during discussions. Both sides are committed to accelerating efforts in this area, with additional teleconferences scheduled to bolster direct flight operations. The recent summer connectivity through Saudia airline services marks a promising start to what could be a more integrated travel network between the nations.

Investing In Innovation And Expertise

Beyond transportation, the bilateral discussion also extended to the exchange of expertise, adoption of best practices, and comprehensive cooperation in tourism education. This is part of a broader strategy aligned with Saudi Arabia’s ambitious national tourism development goals, which include the launch of Riyadh Air, the establishment of the world’s largest professional tourism school in 2023, and the transformative Neom project focused on sustainability.

Reflecting A Shared Vision For The Future

This strategic partnership between Cyprus and Saudi Arabia signifies more than just enhanced travel and tourism initiatives; it represents a shared vision for future economic and cultural cooperation. As both countries prepare to capitalize on emerging opportunities, the forthcoming MoU is set to become a milestone in their collaborative efforts to redefine the tourism landscape in the region.

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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.