Cypriot business community mourns death of Constantinos Shiacolas

Cypriot business organisations expressed sorrow over the death of prominent entrepreneur Constantinos Shiacolas, describing him as one of the most distinguished figures in the country’s construction and investment sectors.

The Federation of Employers and Industrialists (Oev) said the pioneering businessman had been recognised for decades across the broader construction industry, earning international respect.

At the same time, the Cyprus Chamber of Commerce and Industry (Keve) said its president, board and staff expressed deep sorrow over the loss, noting in a post on its platform that Shiacolas “left an indelible mark in the field of construction, investment and in general in Cypriot business”.

The chamber also conveyed sincere condolences to his family and loved ones.

The distinguished Cypriot businessman leaves behind a long and varied career in construction and investment, as well as a strong imprint on the island’s business community.

Born into a family with a strong presence in the construction sector, he studied civil engineering at the National Technical University of Athens and initially worked as a design engineer in Cyprus’ public works department before entering the private sector.

His professional path was closely linked with the Joannou & Paraskevaides group (J&P Overseas), where he worked for more than 49 years and served as a member of the board of directors.

He joined the company in 1968 as a site engineer and worked on major projects across Oman, Libya, Saudi Arabia, the United Arab Emirates and Cyprus.

J&P Overseas became one of the most internationally active Cypriot companies during the Middle East construction boom of the 1970s–2000s, undertaking large-scale infrastructure, airport, desalination and energy projects and employing thousands of workers worldwide, with Shiacolas among the executives associated with its expansion abroad.

In 1977 he was appointed country manager in Saudi Arabia, overseeing rapid expansion that brought revenues to 1.4 billion dollars by 1992.

In the same year he became general manager, while in 2000 he assumed the role of executive director and managing director, later serving as chief executive, contributing to the transformation of the Cypriot company into an international construction group active on four continents.

He often noted that success was built on consistency, trust with partners and close relations with the countries where the group operated, particularly in the Arab world.

At the same time, he maintained a strong business presence beyond construction. His entrepreneurial philosophy also influenced his children, Nicolas and Menelaos Shiacolas, creators and shareholders of Cablenet.
He was further involved in the development of the integrated casino resort in Limassol through Cyprus Phasouri (Zakaki) Ltd, as well as hotel investments including in Porto Heli, Peloponnese.

For his overall contribution, he received an honorary distinction at the 2nd Keve Business Leader Awards (2015), recognising his role in the development of Cypriot entrepreneurship.

He remained, until the end, a supporter of hard work, the international outlook of Cypriot companies and the value of experience passed from one generation to the next, with his passing marking the closing of an important chapter for Cypriot business.

According to the announcement, the funeral will take place on Wednesday, February 18, at 12.00 noon, at the church Agia Sophia in Strovolos.

The family will receive condolences from 11.00 am, while burial will follow at the old Strovolos cemetery.