A pioneer with vision, leadership skills and a creative spirit, active in Cyprus and abroad, a man deeply engaged in public life, a donor and benefactor honoured by heads of state, self-made businessman Nicos Shacolas left an indelible mark on Cyprus' business community while also developing extensive social and philanthropic activity.
Born into a large family, Nicos Kyprianou Shacolas was born on December 1, 1927, in Karavas, in the Kyrenia district. From a young age he showed an aptitude for commerce, although his dream was to study law. Together with his wife Elpida, he had four children.
Nicos Shacolas began his business career in 1953 through the export of agricultural products. He was the founder and first Executive Chairman of the Shacolas Group, which developed into one of Cyprus' largest and most diversified business organisations, with Cyprus Trading Corporation Plc (CTC) as its parent company, providing employment and opportunities for advancement to thousands of employees.
With vision and an inexhaustible creative spirit, he never stopped working or planning new projects until the end of his life. Hard-working, persistent, methodical and unwaveringly focused on his goals, he was bold and optimistic, serving as an undisputed leader, source of inspiration and mentor to his associates, who held him in the highest regard and esteem.
Rebuilding after the Turkish invasion
Following the setback he suffered as a result of the 1974 Turkish invasion, Shacolas partnered with Greece's AGET Heracles to establish a floating cement-packaging plant in Nigeria, a world first.
In Cyprus, he went on to acquire a number of companies, including the sulphur and copper mining company in the Limni area near Polis Chrysochous. One of the Shacolas Group's major achievements was considered to be the complete restoration of the area's natural environment following the extensive damage caused by previous mining operations.
Through the acquisition of additional companies, the Group expanded into sectors including retail sales of household appliances and sanitary ware, hosiery and paper manufacturing, dairy production, insurance and telecommunications. Today, it remains active in the import and distribution of consumer products, cosmetics and perfumes, vehicle and machinery sales, property management and retail trade.
Following the acquisition of Woolworth, the first department stores in Cyprus were established, contributing significantly to the revitalisation of walled Nicosia through such projects as Shacolas Tower, Ledra Arcade and the Ledra Museum Observatory.
This was followed by the creation of the DIY retail chain Superhome Center, while the Group continued to break new ground through the development of Cyprus' first shopping malls, Mall of Cyprus and Mall of Engomi.
A lifelong project for Nicos Shacolas was his initiative to establish the international consortium Hermes Airports Ltd, which undertook responsibility for the construction and management of Larnaca and Paphos international airports. He served as Hermes' first chairman and, upon his retirement, was named Honorary Life President.
Social contribution and philanthropy
Nicos Shacolas served as Honorary Consul of Mexico in Cyprus for 17 years. He also served as Vice-Chairman of the Cyprus Ports Authority, Honorary Treasurer of the Cyprus Chamber of Commerce and Industry and Vice-President of the Nicosia Chamber of Commerce and Industry.
He was among the country's major donors and sponsors in support of the Cyprus problem, as well as Cyprus' cultural and social life. Notable contributions included funding efforts to promote Cyprus' national cause abroad and the purchase of patrol boats.
His major donation of €13 million to the University of Cyprus funded the construction of the Nicos K. Shacolas Medical School and Health Sciences Building and the Shacolas Educational Centre for Clinical Medicine.
Other contributions included the construction of the Archaeological Museum of Marion-Arsinoe and the Cultural Centre of Polis Chrysochous, as well as the establishment of the Karavas Cultural Foundation and the Karavas Scholarship Foundation for outstanding students.
In 2013, during the height of Cyprus' financial crisis, he funded breakfast programmes for underprivileged primary school children for four consecutive years. He also supported the work of the Sophia for Children Foundation in Africa and Cyprus.
Honours and distinctions
A measure of the appreciation for his business and social contribution was the large number of honours and distinctions he received.
For his overall contribution, President Glafcos Clerides awarded him the Medal of Outstanding Contribution of the Republic of Cyprus.
He was also awarded the honour of Officer of the Order of the British Empire (OBE) and Mexico's Order of the Aztec Eagle.
Twice honoured by Italy, he received both the title of Knight of the Italian Republic and Grand Officer of the Order of the Star of Italian Solidarity.
The French Republic named him an Officer of the National Order of the Legion of Honour, while Sweden awarded him the Royal Order of the Polar Star.
He was also honoured by the Church of Cyprus, the Cyprus Chamber of Commerce and Industry, the Cyprus Employers and Industrialists Federation, the Municipality of Nicosia, the Municipality of Karavas and numerous other institutions and organisations.
His life and work in a book
In 2021, the book Nicos K. Shacolas: Narratives, Experiences, Lessons was published, in which the businessman recounts his life experiences, adventures and lessons learned through first-person accounts and offers advice to young entrepreneurs and others.
He summarised his philosophy of life as follows:
"A person must strive, learn, pursue what is right and just, persevere, love, recognise their mistakes, understand, forgive, always with decency and dignity, and contribute to society."
