Kypros Tsentas: For international contractors, the Cyprus market offers business opportunities in the public as well as in the private sector

In the mid-90s, Kypros Tsentas left his executive role at South Africa’s Wade Adams and moved to the Middle East to start his own business.

Over the decades, he has built a leading construction enterprise and other companies, yet he remains humble, wishing only to be seen as a modest, fair and hard-working individual.

You began your career as a civil engineer in Oman with J&P, working your way up to become President of Wade Adams in Africa before eventually moving to the Middle East and becoming a business owner. What key traits helped you successfully transition from employee to business owner?

Apart from hard work and inspirational leadership, building up a strong team with trustworthy professionals was of paramount importance. Honesty, transparency and compliance, coupled with consistent outperformance and timely completion of contracts were the main reasons that won us respect and many friends across the industry.

At the same time, what was the hardest part of establishing yourself as a business owner in the Middle East?

In its quest to the top, Wade Adams had to carefully select clients and tenders/projects without upsetting the local establishment. Always assessing the risks, sometimes we had to refuse work unless payments were accompanied by a bank guarantee or revolving letter of credit.

How does the market there compare to Europe – particularly Cyprus, where you are involved through Cythera Developments and more recently with a new Wade Adams office?

They are similarly competitive markets. Projects in the United Arab Emirates (UAE) are larger and more complex than those in Cyprus, more demanding as regards workmanship and ambitious on time delivery. In general, the whole construction industry in the UAE is better organised and supported by the local authorities than its counterpart in Cyprus.

What do you see as the biggest opportunities and challenges for Cyprus in terms of large-scale development and infrastructure?

For us, as an international contractor, the Cyprus market offers business opportunities in the public as well as in the private sector. Our experience in the Gulf and our well-organised operational systems can prove valuable in our projects in Cyprus, helping overcome any challenges for the successful execution of large-scale projects. As an employer, we offer good opportunities to local talented professionals to join a company that pays attention to their development in a rewarding career environment.

Hard work and expertise are critical in business, but timing can make all the difference. How much of your success would you attribute to good timing – or better yet, luck – and how much to strategy and execution?

The survival and success of Wade Adams was always a balancing act – having sufficient work, even in market downturns, to at least cover the cost of our large number of loyal employees and our own substantial plant and machinery. Modest profit margins allowed us to keep ourselves busy at all times. Over the years, we faced numerous adverse conditions but we always managed to overcome them through perseverance. Following the Lehman Brothers collapse in 2008/2009 and the major financial crisis that ensued in the Gulf region, our strategy to successfully negotiate a three-year restructuring plan of a huge amount of money with the Dubai Government paid off and saw us through to better times.

Reaching the top in any industry doubtless comes with trade-offs. What have been the biggest personal sacrifices you’ve had to make in building your career?

Work was – and still fills – a large part of my life. Work satisfaction and new ventures are what keep a dedicated businessman occupied and sane!

Your family has made donations in Cyprus, such as those to the Arodaphnousa Palliative Care Centre. What inspires these philanthropic endeavours?

My wife Elena and I share the same principles and philosophy in life. Indeed, to be able to afford and extend help to society or people in need gives us enormous pleasure and fulfilment.

Finally, 20 or 30 years from now, what do you want people to say about Kypros Tsentas? What legacy do you hope to leave behind?

I have no ambition to leave behind any personal legacy. For the people around me or those I somehow associated with, I do hope they remember me as a modest, fair and hard-working individual.

This interview first appeared in the March edition of GOLD magazine. Click here to view it.