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Cyprus And UAE Strengthen AI Collaboration With MoU

by THEFUTURE.TEAM

February 13, 2025

At the World Governments Summit in Dubai on February 12-13, Cyprus and the UAE took a significant step in advancing artificial intelligence (AI) collaboration by signing a Memorandum of Understanding (MoU). The MoU was signed by Cyprus’ Deputy Minister of Innovation, Nicodemos Damianou, and the UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar Sultan Al Olama.

A Shared Vision For Innovation And Socio-Economic Progress

The MoU, signed during a summit that attracts global leaders in technology, aims to enhance bilateral ties between the two nations. It seeks to foster innovation and tackle socio-economic challenges jointly, facilitating the exchange of best practices and accelerating the integration of AI across both public and private sectors. Both nations are working towards enhancing their respective AI ecosystems.

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Damianou expressed his gratitude for the hospitality and commitment shown by the UAE and emphasized that this partnership would build a more effective and tangible relationship between the countries. He underscored the importance of AI in driving technological progress and its potential to offer solutions to common challenges, highlighting that international cooperation with AI pioneers like the UAE is crucial for its responsible and effective development.

“This MoU reflects our shared commitment to harness AI as a key pillar for the development of our economies, industries, and societies,” said Damianou. He also expressed hope that this partnership could evolve into a regional effort, leveraging Cyprus’ strategic position and the UAE’s technological leadership.

UAE’s Commitment To Global AI Cooperation

For his part, Minister Al Olama emphasized the role of international collaboration in advancing AI. He pointed out that such partnerships align with the goals of the World Governments Summit 2025, underscoring the UAE’s position as a global hub for AI innovation. He stressed that these partnerships are essential for building a sustainable future based on advanced technologies.

AI’s Potential To Transform Global Economies

AI is widely recognized for its potential to revolutionize productivity and significantly impact global GDP. According to PwC, strategic investment in AI technologies is vital to unlocking this potential. The consulting firm highlights that AI can drive labor productivity improvements and, in turn, stimulate economic growth. It predicts that by 2030, 45% of total economic gains will stem from product enhancements driven by AI, fostering consumer demand through increased product variety, personalization, and affordability.

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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.