Nicos Shacolas, a pioneering Cypriot businessman who founded one of the largest business empires in Cyprus, has passed away at the age of 99. Born in 1927 in Karavas, Shacolas built his fortune starting from modest rural origins, eventually expanding his business across various sectors including agriculture, shipping, insurance, and real estate.

Despite suffering significant losses during the intercommunal unrest in 1963 and the Turkish invasion of 1974, which destroyed many of his assets and displaced his employees, Shacolas demonstrated remarkable resilience. After relocating briefly to Beirut, he successfully revived and diversified his ventures, contributing significantly to Cyprus' economic landscape.

Shacolas' Shacolas Group became a key player in Cyprus' economy, operating shopping centers, department stores, and major investments such as airports and golf courses. His business extended internationally to London, Greece, Russia, Nigeria, and Gulf Arab countries, cementing his legacy as a transformative figure in Cypriot commerce.