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For over sixty years, the name of Iacovou Group has been synonymous with the construction industry; responsible for some of the most significant projects in Cyprus and the region.
It was in 1953 that brothers Eftyhios, lacovos and Costakis formed the Iacovou Group Partnership, primarily at that time to undertake earth-moving projects. Before long it became clear that their approach to business, combined with hard work, was the formula for success.
In the following years the business grew substantially – mainly due to the reputation for determination and dedication that the partners were acquiring, and the high quality of work they were producing. The business climate and opportunities were certainly in place in Cyprus during that time to encourage the partners to expand and diversify into other areas of the construction industry.
Entering the 21st Century, the group continues to expand all areas of its business - where appropriate establishing subsidiary companies to manage directly the day-to-day operations and develop markets such. In other sectors and in international markets such as Bahrain, Oman and Iraq, strategic alliances have been formed with local companies, maximising potential and delivering highly satisfactory results.
During 1978 and 1979 new independent companies - Iacovou Constructions, Iacovou Concrete, and Iacovou Overseas - were created, each focusing on a specific industry sector. Iacovou Constructions expanded in all segments of the construction industry in the Cyprus. Iacovou Concrete was created to supply ready-mix concrete to the group and the local market and Iacovou Overseas was established to undertake the overseas operations of the group starting by a large residential scheme in Kuwait. The synergy of a strong, diverse group structure added positively to the ability of the individual companies to function effectively in the growing Cyprus market, and to exploit the demand from overseas for reliable, competent construction companies.
By 1989 the scale, diversity and complexity of projects had increased significantly; consequently, group companies had amassed a vast amount of plant and machinery. It was therefore a natural decision to form a specialised company to take over spare parts, machinery and equipment sales, as a result Unitrak Machinery was formed.
From the outset, Iacovou Constructions was involved in quarrying and mining. The demand for raw materials increased substantially as construction and civil engineering work expanded, and in 1998, the quarrying operations were consolidated into a new company - Iacovou Quarries. The company’s quarrying activities have continued to grow and now include Skyra Lima, Skyramont Quarries and Latomias Sias making the group, the largest supplier of aggregates to the Cyprus construction industry.
Also in 1998 Iacovou Constructions established Iacovou Hellas, as a subsidiary brand in Greece, which began its operations as a joint-venture company undertaking the asphalt works for runways, taxiways and access roads for the New Athens International Airport at Spata, establishing a well known specialization in Airport Construction dating back to 1975. Later on Iacovou Hellas continued its operations with large scale earthmoving projects for the Greek Public Power Corporation (PPC).
Entering the 21st Century, the group continues to expand all areas of its business - where appropriate establishing subsidiary companies to manage directly the day-to-day operations and develop markets such. In other sectors and in international markets such as Bahrain, Oman and Iraq, strategic alliances have been formed with local companies, maximising potential and delivering highly satisfactory results.
