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Larnaca Takes First Step Towards Smart City Transformation

by THEFUTURE.TEAM

February 13, 2025

By the end of spring, Larnaca aims to implement a smart parking system as part of its broader initiative to become a smart city. This marks the first step in the “Larnaca Becomes a Smart City” program, which will also include upgrades to street lighting and waste management systems.

Smart Parking System Set To Launch

The tenders for the smart parking system are expected to be awarded in early March, with installation to begin in municipal parking lots in Mackenzie and the city center. Larnaca Mayor Andreas Vyras has stated that the goal is to have the system in place before the start of the tourist season, with an estimated budget of €2 million.

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How It Works

The system will allow both residents and visitors to benefit from more efficient parking. Through an electronic application, users will be able to view available parking spaces and monitor average parking times during peak hours. The sensors, which will be installed in the parking areas, will send data wirelessly to the city’s Smart City platform. Citizens can also make electronic payments through their mobile phones.

Inclusive Features

The system will support a range of special user categories, such as people with disabilities, permanent residents, and delivery vehicles. It will also be integrated with controlled on-street parking areas, including those with electric vehicle charging stations.

Seamless Integration With Other Parking Systems

The plan includes integrating this smart parking system with both public and private parking systems, offering drivers a comprehensive view of all available parking options across the city.

This initiative is a major step toward transforming Larnaca into a modern, tech-savvy city that meets the needs of its residents and visitors while also contributing to a sustainable future.

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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.