Cypriot business magnate Nicos Shacolas dies aged 98

Cypriot business magnate Nicos Shacolas, one of the country’s most prominent entrepreneurs and philanthropists, has died at the age of 98 after facing health problems in recent months. “With profound sadness, the CTC Group announces the death of Nicos Kyprianou Shacolas, founder, long-serving executive chairman and subsequently honorary lifetime president of the group,” the CTC group said in a statement. The group described Shacolas as a pioneering entrepreneur with vision and an inexhaustible creative spirit, noting that he began his business career in the early 1950s and “never stopped working and planning new projects until the end of his life”. His business activities expanded extensively both in Cyprus and abroad, and he became one of the country’s largest employers, providing work and career opportunities to thousands of people. At the same time, he made substantial contributions to charitable and public benefit projects. “An entrepreneur with vision, leadership abilities and creativity, active in Cyprus and abroad, a man with a strong interest in public affairs, a donor and benefactor honoured by heads of state, Nicos Shacolas left an indelible mark on Cypriot business while also demonstrating extensive social and philanthropic activity,” the statement added. The boards of directors, management and staff of all CTC Group companies expressed their condolences and support to his family, while pledging to continue the group’s activities in accordance with the values he had instilled. Among his most recognisable achievements was the Shacolas Tower in the heart of old Nicosia, the tallest building in the walled city. 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-chairman of the Nicosia Chamber of Commerce and Industry. He was among Cyprus’ most significant donors and benefactors, supporting causes related to the Cyprus problem, culture and social welfare. His contributions included funding efforts to promote awareness of the Cyprus issue abroad and financing the purchase of patrol boats. Among his most notable philanthropic contributions was a €13 million donation to the University of Cyprus for the construction of the “Nicos K. Shacolas” Medical School and Health Sciences building and the “Shacolas Educational Centre for Clinical Medicine”. He also funded the construction of the Archaeological Museum of Marion-Arsinoe, the cultural centre of Polis Chrysochous, the Karavites Cultural Foundation and the Karavas Scholarship Foundation for outstanding students. For his overall contribution, former president Glafcos Clerides awarded him the Medal of Exceptional Contribution of the Republic of Cyprus. Shacolas also received the honorary title of Officer of the Order of the British Empire (OBE) and Mexico’s Order of the Aztec Eagle. He was twice honoured by Italy, receiving the titles of Knight of the Italian Republic and Grand Officer of the Order of the Star of Italian Solidarity. France awarded him the title of 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 Employers and Industrialists Federation, the municipality of Nicosia, the municipality of Karavas and numerous other institutions and organisations. In 2021, Shacolas published the book Nicos K. Shacolas – Narratives, Experiences, Lessons, in which he recounted his life experiences and adventures in his own words, while sharing advice and lessons for younger generations of entrepreneurs.