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Cyprus Airports Break Passenger Traffic Records in 2024

by THEFUTURE.TEAM

December 9, 2024

Cyprus has recorded an all-time high in passenger traffic for 2024, with figures surpassing last year’s total by 30 November. The Ministry of Transport, Communications and Works announced that passenger volume is projected to grow by 5% compared to 2023, marking a significant milestone for the country’s aviation sector.

Transport Minister Alexis Vafeadis expressed his satisfaction with the remarkable results, highlighting the broader economic and tourism benefits.

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Unprecedented Passenger Numbers for November

November 2024 alone saw a record-breaking 715,231 passengers pass through Larnaca and Paphos airports — a 7.01% increase from the same month in 2023. This achievement represents the highest-ever performance for November.

From January to November 2024, passenger volume also hit a historic peak, registering a 5% increase year-on-year. Larnaca Airport experienced a 7.39% rise in passenger numbers, while Paphos Airport saw a 6.05% increase. Key source markets included the United Kingdom, Greece, Poland, Israel, and Germany. Air traffic at both airports grew by 4.89%, with a total of 6,309 flights recorded.

Growing Demand Presents New Challenges

The surge in passenger numbers presents what the Ministry described as a “pleasant problem” — managing the growing demand until necessary infrastructure investments are completed. Plans are underway to expand airport facilities to better accommodate the increased traffic.

Minister Vafeadis acknowledged the collective effort behind the success, extending gratitude to his team and key stakeholders, including the Deputy Ministry of Tourism and Hermes Airports Ltd. Their coordinated efforts to expand the country’s airline network and introduce new routes played a decisive role in achieving this growth.

“The addition of new airlines and routes has been a game-changer,” the Ministry noted, emphasizing the role of enhanced connectivity in driving passenger traffic growth.

With demand on the rise and investments in airport infrastructure in progress, Cyprus is well-positioned to sustain its role as a key regional aviation hub, further bolstering its economy and tourism sector.

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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.