Maria Tsiakka Olympiou on Cyta's long-term strategy to make Cyprus a regional advanced digital infrastructure hub

Maria Tsiakka Olympiou, Chairwoman of Cyta and General Manager of Tsiakkastel Office Solutions Ltd, reflects on studying in the US during the ‘80s, the balancing act of running a family business amid personal challenges, and her path to chairing the country’s biggest telecommunications company.

Among other things, she talks about the transition from studying chemical engineering to working in banking and the advice she would give to her 25-year-old self, while also commenting on the impact of new technology within the telcoms sector.

Let’s start at MIT and Harvard in the late ’80s. You were a Fulbright scholar in the US during a time of cultural and technological upheaval – MTV was reshaping music and IBM was changing the workplace with the personal computer. What did it mean to be a young Cypriot woman in that environment? And how did it shape your outlook on work and life?

My studies in the US shaped the way I think, the way I work and, in many ways, who I am today. It’s funny that you mention the IBM personal computer. When I arrived at MIT, the Athena project was underway – a large-scale computing initiative that meant we were the first generation of students with personal accounts in computer clusters across the campus and in the dorms. We could log in at any time and use them for our assignments.

Later, at Harvard Business School, we became the first cohort to use IBM laptops. They weighed more than 20 kilos and looked like they were made of cast iron! But back then, it felt like having the future in your hands. It really was a time of rapid change, in technology and beyond. But if I had to say what shaped me most, it wasn’t the machines – it was the people. The classmates, the professors, the teaching staff. That’s what made MIT and Harvard truly special. After all, if you study chemical engineering, the laws of thermodynamics are the same everywhere. What sets these institutions apart is the calibre of the people, the quality of teaching and the energy of the research environment.

What stayed with me most was the value of hard work, but also the power of a welcoming and encouraging environment. As an international student and as a woman, I never once felt like I didn’t belong. Coming from a small country like Cyprus and suddenly finding myself in a place I had never visited before, that sense of acceptance meant more than I could say.

You went from studying chemical engineering to working in banking. That’s not exactly a typical trajectory. What led to that decision?

I loved studying engineering – I was good at it and it shaped the way I think. But when I finished my Master’s degree, I knew that I didn’t want to work in industry and I didn’t see myself pursuing a PhD. So, I made a choice that felt natural at the time: I went on to Harvard to do an MBA. That decision opened a new path. From there, I moved into management roles, first in banking and later by starting my own company. It may not have been the most typical route for someone with a background in chemical engineering but it was the right one for me.

After returning to Cyprus from the US and a stint at Bank of Cyprus, you founded your own office supply business, later merging it with your family’s to form Tsiakkastel. Family businesses can be both a source of strength and tension, from unspoken expectations to resistance to change. How did you navigate those dynamics and what lessons from that time still affect how you lead today?

I always felt privileged to have parents who supported whatever path I wanted to take. My father was a remarkably intelligent and forward-thinking man, always eager to be first in his field to bring new technology to Cyprus. We were the first company to import a fax machine and the first to introduce a digital copier to our market. So when it came to doing things differently, I didn’t have to fight for it. He welcomed it. I inherited a healthy, well-organised company and I will always feel blessed and deeply grateful for that.

Of course, we had our differences from time to time but, since I was an only child, the truth is we only had each other. He relied on me and I relied on him. Later on, when my father was diagnosed with Alzheimer’s at a relatively young age, he gradually stepped back and entrusted me fully with the company. I believe he understood what was happening and he let go with grace. I often think he would have been proud of what we have achieved over the past 20 years.

You were appointed Chairwoman of Cyta in 2024. These things don’t happen overnight, so can you take us behind the scenes? How did the opportunity come about and what ultimately convinced you to say yes?

There was no ‘behind-the-scenes’ activity. When President Christodoulides announced the advisory council, I simply put myself forward. Throughout my years in business, I have kept a low profile and never had any party affiliations. I am at an age where I believe my track record as a businesswoman speaks for itself, so I applied through the official process and I was appointed. I am grateful for the opportunity and determined to make it count. I try to listen, to learn and to lead. I believe I have taken difficult decisions where they were needed. I hope people see me as someone grounded, reasonable and approachable. That’s who I am. And I am lucky to be surrounded by a strong management team at Cyta – professionals I can trust to deliver.

As an aside, you’ve long supported the Cyprus Association of Cancer Patients and Friends (PASYKAF). What drew you to this cause, and what does it mean to you today?

My mother was a founding member of PASYKAF so the organisation has always had a special place in my heart. It is one of the largest and most respected charities in Cyprus, with a remarkable history of serving cancer patients, offering everything from palliative care to psychological and social support, while also advocating for patients’ rights. What PASYKAF stands for matters deeply to me. I believe each of us should find a cause that speaks to us and give it the time and energy it deserves. That kind of commitment has a way of shaping not just the world around us but who we become.

Telecommunications companies are increasingly expanding into the data centre market. CYTA recently acquired Simplex in Larnaca and is planning the country’s first green data centre. What’s the long-term vision here?

We live in a time defined by digitalisation and artificial intelligence. Data centres are the backbone of this new reality. They’re essential for the reliable storage and processing of data, for internet services, cloud computing and for supporting emerging technologies like AI, virtual reality and the Internet of Things. As the leading telecommunications and technology provider in Cyprus, Cyta couldn’t stand on the sidelines. This is our field and we are committed to growing in it. The acquisition of Simplex and the development of the country’s first green data centre are part of a long-term strategy to position Cyprus as a regional hub for advanced digital infrastructure.

The industry is also among GenAI’s earliest adopters. Where do you see the technology offering real utility and where is there still more hype than substance?

At Cyta, we already use AI and are actively exploring how to make the most of what it can offer. Whether applied as a standalone tool or embedded within our systems, the goal is always the same: to improve productivity and enhance the customer experience. At the same time, I believe we need to stay clear-eyed about its limitations. AI systems often carry embedded biases and it’s important to remain aware of that. For now, I think the most reliable approach is a healthy balance: combining the strengths of AI with common-sense thinking and human judgment. That’s where real value lies.

Now, reaching the top often comes with sacrifice. So, what’s been the biggest personal cost of your success?

To be honest, I never felt that my career as a businesswoman required great sacrifices from me. But with my appointment at Cyta – which takes up a significant part of my time – alongside running my own business, I do sometimes wish the day came with a few extra hours! The pressure I feel is mostly personal. I would love more time to spend with my family and friends and to simply slow down now and then. That’s the part that often gets squeezed.

Having lived and worked in places as different as Boston and Nicosia, what do you feel each gave you professionally, personally or even philosophically?

I have visited Boston several times since I left but, of course, it’s never quite the same. What made it special were the people I shared that time with and when they are no longer there, the place naturally feels different. I don’t believe geography matters as much, especially now that we can follow what’s happening anywhere in the world in real time. In the end, it’s not the place that shapes you, it’s the people who fill it.

If you had to give advice to your 25-year-old self, fresh out of Harvard Business School, what would you whisper in her ear?

Stay grounded. Never stop learning.

(Photo by TASPHO)

• This article first appeared in the 2025 edition of The Cyprus Journal of Wealth Management. Click here to view it. To view the full edition, click here