Yuli Ofer, Israeli businessman, philanthropist, passes away

Leading Israeli businessman and billionaire Yuli Ofer passed away Sunday at his home in Herzliya Pituach, just three months after the death of his brother, Sammy. He was 89. The two brothers co-owned a real-estate and shipping empire and figured among Israel's wealthiest tycoons. The Ofer brothers were members of the select club of Israelis who have made it onto Forbes magazine's list of the "World's Richest People." The magazine estimated their combined wealth at $10.3 billion in 2010.

Born Yehuda Herskovich in 1924, Yuli Ofer's family left his native Romania for Israel when he was six months old. He had two older brothers, Sammy and David. The family settled in the port city of Haifa, where the brothers would eventually start their family business. Ofer joined the Israel Defense Forces as an infantry soldier, rising to the rank of major, and took part in Israel's wars with its neighbors.

Initially an agent and supplier of ships in Haifa, in the 1950's he founded a shipping company with his brother Sammy. Their shipping activities eventually branched out into other forms of investments in Israel, mainly in real estate.

Over the years, Yuli and Sammy Ofer, referred to as the Ofer Brothers, became synonymous with Israeli business. Their business empire, now run by the second generation, includes several public sector companies, investment companies, cable television, and shopping malls. They were also the owners of Ofer Shipping and Ofer Holdings.

Ofer also presided over the acquisition of the large Israel Corporation company -- which deals with shipping, high tech and other forms of investment -- from the Eisenberg family in the 1990's. In 2002, the two brothers separated their holding companies, with Yuli overseeing real-estate dealings and Sammy running shipping activities with his son.

Yuli would eventually found Melisron, a leading real-estate company whose principal assets include the Ramat Aviv Mall and other malls in Israel. Ofer is also co-owner of Bank Mizrahi. His oldest grandson Udi Angel currently runs Ofer Shipping.

Ofer, considered one of the most successful executives in Israel, was also a leading philanthropist, donating both time and money to the less privileged, as well as to various institutions in Israel. "He was attuned to all public and private sensitivities and contributed a limitless amount to society, as well as to his friends and surroundings," his relatives said on Sunday. He is survived by his wife Ruthy, his daughter Liora, his son Doron, as well as his grandchildren and great grandchildren.

Shortly before their deaths Ofer and his brother were blacklisted by the U.S. State Department for allegedly engaging in business with Iran and undermining sanctions by letting ships dock at Iranian ports. However, the Ofer brothers have not been officially charged with any crime.

Prime Minister Netanyahu also reacted to the news of Ofer's death Monday, calling him a "people person more than a businessman," and praising his generous philanthropy. "He made sure to have his business based in Israel and contributed greatly to the state," Netanyahu said.

טעינו? נתקן! אם מצאתם טעות בכתבה, נשמח שתשתפו אותנו