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Cyprus Airports Report Record Passenger Traffic In October 2024, Ministry Confirms Historic Year

by THEFUTURE.TEAM

November 7, 2024

Passenger numbers at Cyprus’ Larnaca and Paphos airports rose by 7.14% in October 2024 compared to the same month last year, as reported by the Ministry of Transport, Communications, and Works. This surge supports forecasts that 2024 will be a record-breaking year for the country’s two major airports, with total passenger numbers expected to exceed 12 million by year-end.

According to a Ministry press release, the January to October period has seen unprecedented passenger volumes, despite the challenges posed by rising geopolitical tensions. Overall, passenger traffic for the first ten months of the year rose by 5.3% compared to the same period in 2023, reinforcing the upward trend in air travel demand for Cyprus.

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In October alone, Larnaca Airport recorded an 8.8% increase in passenger numbers, while Paphos Airport experienced a 3.2% rise. Larnaca saw nearly 1 million travellers (957,625), while Paphos welcomed 380,440 passengers, marking October as one of the busiest months in recent history.

The primary travel markets for these airports were the United Kingdom, Greece, Israel, Poland, and Germany. Flight traffic also saw a significant boost, with a 10.54% increase in October compared to the previous year, totalling 10,390 flights.

Revised projections from the Ministry now anticipate a historic year for both airports, driven by sustained demand. As 2024 draws to a close, Larnaca and Paphos are poised to surpass 12 million passengers, setting a new benchmark for the island’s aviation 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.