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Nikos K. Shacolas, one of the most prominent and visionary figures in the Cypriot business community, has passed away at the age of 98. His death was announced on Thursday morning by the CTC Group, the conglomerate he founded and led for decades.
Shacolas leaves behind an immense legacy that shaped the modern economic landscape of Cyprus. From his early days starting out in the 1950s, he grew his operations to become one of the island's largest employers. His work spanned local and international markets, creating thousands of jobs and professional opportunities across various industries.
Among his most visible achievements was his role in transforming the country's aviation infrastructure. As a key visionary behind the Hermes Airports Consortium, Shacolas helped secure the management and development of Larnaka and Pafos airports in 2006. He served as the company's first Chairman of the Board until 2011, and later became its Lifetime Honorary Chairman, staying actively involved in its strategic direction until very recently. Representatives from Hermes Airports expressed profound sorrow at his passing, praising his entrepreneurial instinct and his firm belief in the potential of the island's air gateways.
Beyond his commercial success, Shacolas was well known for his extensive charitable work and dedication to public life. He funded international awareness campaigns regarding the Cyprus issue, supported cultural foundations, and financed the purchase of marine patrol boats. His landmark €13 million donation to the University of Cyprus funded the construction of the Nikos K. Shacolas Medical School and Health Sciences Building, alongside the Shacolas Educational Centre for Clinical Medicine. His philanthropy also reached regional cultural preservation, including the funding of the Archaeological Museum of Marion-Arsinoe and the Polis Chrysochous Cultural Centre.
His lifelong contributions earned him significant national and international recognition. President Glafcos Clerides awarded him the Medal of Exceptional Service of the Republic of Cyprus. He was also appointed an Officer of the Order of the British Empire (OBE) and received prestigious honors from Mexico, Italy, France, and Sweden, alongside recognition from the Church of Cyprus and various municipalities.
In 2021, he published his book, "NIKOS K. SHACOLAS – Narratives, Experiences, Lessons," offering personal reflections and advice to inspire younger generations of entrepreneurs.
The management and staff of both the CTC Group and Hermes Airports have extended their deepest condolences to his family, stating that they will continue their business activities guided by the values and foresight he left behind.
With information from CNA and Hermes Airports.
