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Yuli Ofer
Yuli Ofer
Yuli Ofer
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Judah "Yuli" Ofer (Hebrew: יולי עופר; 1924 – September 11, 2011) was an Israeli businessman in real estate and industry, and one of the wealthiest people in Israel.[3] A member of the Ofer family, the annual Forbes magazine's list of The World's Billionaires estimated in 2011 his fortune, together with that of his elder brother Sammy, to be $10.3 billion, ranked him in 2011 as the 79th in wealthiest people in the world, and the wealthiest man in Israel.[4]

Key Information

Life and career

[edit]

Yuli Ofer was born in 1924[1] in Romania. The Ofer family immigrated to Mandate Palestine while Yuli was six months old. The family lived in Haifa. Yuli Ofer served in the Israeli Defense Forces in infantry and ended his relatively long military career at the rank of major. Afterwards he began his business career in Haifa, where he supplied equipment for ships and along with his brother Sammy they both established the Ofer Brothers Group. In 1956 he and Sammy established the shipping company "Mediterranean routes". [citation needed]

During the 1960s and 1970s the Ofer Brothers Group became an international shipping company as Yuli Ofer became in charge of conducting the company's operations in Israel and Sammy Ofer became in charge of conducting the company's international operations. In the 1980s the Ofer Brothers Group began getting into the tanker industry in Hong Kong and Singapore. With time they also established a subsidiary company which focused on cruise ships named "Royal Caribbean". In 1994 the Ofer Brothers were among the purchasers of the controlling interest in the Mizrahi Bank, and in 1999 the family purchased the Israel's largest holding company Israel Corporation and in addition acquired several properties from the Israeli government among them the Oil Refineries in Haifa, Israel Chemicals and Zim Integrated Shipping Services. [citation needed]

Yuli Ofer founded the "Meliseron" company which specializes in real estate and owned several shopping malls in Israel: Ramat Aviv Mall, Renanim Mall, Kiryon Mall and 20 other shopping centers. [citation needed]

In 2002, the Ofer brothers separated their assets: Sammy Ofer's assets in real estate and in the Mizrahi bank was transferred to his brother Yuli, and in exchange Yuli's assets in the Israel Corporation holding company were transferred to Sammy.

Death

[edit]

Yuli Ofer died on 11 September 2011, aged 87 at his home in Herzliya; his brother Sammy Ofer had died a few months prior.[5] Ofer's death sparked an inheritance dispute between his children Liora and Doron Ofer. In 2008 Yuli Ofer had changed his will to leave most of his assets to his daughter Liora.[6]

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Yuli Ofer

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from Grokipedia
Yehuda "Yuli" Ofer (1924 – September 11, 2011) was an Israeli billionaire businessman and philanthropist renowned for co-founding and leading the Ofer Brothers Group, a multinational conglomerate with major holdings in shipping, , banking, and chemicals. Born in , Ofer immigrated to British Mandate Palestine as an infant with his family, including his elder brother , and later served as a major in the during his early adulthood. In 1957, alongside , he established the Ofer Brothers Group, transforming their father's modest shipping operations into one of the world's largest privately owned fleets, including stakes in Zim Integrated Shipping Services and . The group's diversification extended to controlling interests in Mizrahi Tefahot Bank, Israel's fourth-largest commercial bank, and real estate developments through Ofer Properties, such as Merkazim shopping centers and marinas in and . Ofer's visionary investments, particularly in post-Iron Curtain Eastern and via Central European Estates B.V., solidified his influence in global industry, while the family's combined fortune was estimated at up to $10 billion, making him one of Israel's wealthiest individuals. He was also a dedicated philanthropist, supporting hospitals, at-risk children, needy families, and higher education as a longtime benefactor of since its founding. Ofer, who died at his home near at age 87, was survived by his wife Ruth, daughter , son Doron, and numerous grandchildren.

Early Life

Birth and Immigration

Yehuda Herskovich, later known as Yuli Ofer, was born in 1924 in , , into a Jewish family. At the age of six months, in 1924, his family immigrated to and settled in the port city of , where they established their new life amid the British Mandate era. The Ofer family consisted of Yuli and his two older brothers, and , who would later collaborate with him in business ventures; the family faced significant early hardships, including poverty, as they navigated relocation challenges and adapted to life in . In , the family initially sustained themselves through modest port-related activities, such as selling ice and fuel to ships, which marked the beginning of their involvement in maritime trade during a period of economic uncertainty under the Mandate.

Military Service and Education

Yuli Ofer served as an infantryman in the Israeli Defense Forces during the 1948 Arab-Israeli War, also known as the War of Independence, contributing to the military efforts that secured Israel's independence from British Mandate rule and neighboring Arab states. His service involved frontline combat operations that were pivotal in the nascent state's survival amid intense regional conflict. Ofer advanced through the ranks to achieve the position of major, reflecting his leadership and commitment during this formative period for the nation. Following the , Ofer's career concluded in the late 1940s, marking his shift from active duty to civilian pursuits in the newly established . He settled in , where the family's roots were established after immigrating from in 1924, and immersed himself in the local economy centered around the . Initial employment involved hands-on roles in and at the shipping docks, including supplying essential equipment to vessels, which provided foundational exposure to maritime and .

Business Career

Founding and Shipping Ventures

In 1956, Yuli Ofer and his brother established Mediterranean Routes, a shipping company focused on regional cargo transport in the , marking the beginning of their joint business endeavors in maritime trade. This venture started modestly as a and agency supplying ships in , leveraging the brothers' prior experience in their father's import-export firm to secure initial contracts for small-scale freight services. By the following year, 1957, they formalized the Ofer Brothers Group, expanding from basic trade into owning and operating vessels, which laid the groundwork for their shipping empire. The Ofer Brothers Group rapidly grew its fleet through strategic acquisitions, becoming managers of Israel's largest privately owned shipping operations by the late 1960s. In 1969, the brothers merged their Mediterranean shipping lines with the state-owned Zim Line via the , acquiring approximately 50% control and integrating their operations to form a dominant national carrier. This partnership evolved over decades; by 1999, Ofer Brothers secured a 53% stake in for $330 million, solidifying their influence over Zim Integrated Shipping Services, then the country's primary container shipping entity. Full privatization followed in 2004 when , under Ofer control, purchased the remaining 48.6% government stake for $115 million, establishing Zim as the cornerstone of their privately held fleet. Under Yuli Ofer's oversight of Israeli operations, the group managed a diverse array of vessels, emphasizing efficiency in global trade routes. The marked a pivotal expansion for the Ofer Brothers into specialized segments, beginning with oil tankers managed through bases in and . Their entry into this sector started in 1973 with the acquisition of the 65,100 dwt tanker (later renamed ), but accelerated in the via Tanker Pacific Management Pte. Ltd., which oversaw a growing fleet of chemical and product carriers amid rising global energy demands. This international push diversified their portfolio beyond regional cargo, positioning the group as a major player in bulk liquid transport. Concurrently, in the late , the brothers invested in the cruise industry by acquiring a 16.5% stake in Royal Caribbean Cruise Lines alongside the , facilitating entry into luxury passenger shipping without establishing a wholly owned . Yuli Ofer, as chairman of the Israeli arm, contributed to board-level decisions that supported this growth, enhancing the group's revenue streams through high-value maritime assets.

Banking and Real Estate Expansion

In the mid-1990s, Yuli Ofer expanded the family business into the financial sector amid Israel's following the stabilization of in the . In 1994, the Ofer Brothers Group, led by Yuli and his brother Sammy, acquired a in Mizrahi Bank in partnership with the Wertheim family, transforming it into Israel's fourth-largest commercial bank. This move capitalized on the of state-owned banks, positioning the Ofers as key players in the sector's consolidation. By the late 1990s, the bank had grown through strategic mergers, including its eventual rebranding as Mizrahi Tefahot Bank after a 2004 union with Tefahot Israel Mortgage Bank, enhancing its market share in retail and mortgage services. Parallel to banking, Ofer diversified into by founding Melisron Ltd. (initially known as Ofer Properties or Meliseron) in 1987, leveraging profits from the family's shipping operations to fund large-scale developments. Under his leadership, Melisron became one of Israel's premier firms, specializing in commercial properties and owning over 20 shopping centers by the early . Notable projects included the upscale Mall in , the Renanim Mall in , and the Kiryon Mall in , which exemplified the company's focus on high-traffic urban retail spaces during the 1990s property boom driven by and . Ofer further broadened real estate diversification through marina developments, serving as part owner and developer of facilities in and via Ofer Properties. These projects, initiated in the , aimed to integrate leisure infrastructure with commercial , positioning as a Mediterranean destination and aligning with the era's that encouraged private investment in tourism-related assets. Overall, these expansions marked a strategic shift from maritime roots, contributing to the Ofer Group's dominance in Israel's domestic financial and property markets.

Industrial and International Investments

In 1999, Yuli Ofer and his brother Sammy acquired a controlling 53% stake in Israel Corporation, Israel's largest publicly traded holding company, for $330 million, marking a significant expansion into industrial sectors. Through this acquisition, the Ofer brothers gained influence over key subsidiaries, including a core controlling interest in Israel Chemicals Ltd. (ICL), a major producer of fertilizers and specialty chemicals, which Israel Corporation had held prior to the purchase. Additionally, Israel Corporation's portfolio extended to Oil Refineries Ltd. (Bazan Group) in Haifa, where the Ofers later secured a controlling interest in 2007, solidifying their role in Israel's energy and petrochemical industries. These moves, supported by banking resources from prior ventures, positioned the Ofers as pivotal players in Israel's industrial landscape. Parallel to his domestic industrial pursuits, Yuli Ofer pioneered investments in post-Cold War Eastern and through Central European Estates B.V. (CEE), a Dutch-registered company based in that he co-owned and led as president and majority shareholder. CEE focused on and industrial projects across former countries, including residential developments, commercial properties, and hotels, capitalizing on the region's economic transition. Notable activities included CEE's 2009 acquisition of a 74% stake in Inventech Investment Co. for NIS 108 million, which bolstered its hotel operations in the region, and ongoing expansions into markets like and . In 2011, the Ofer Brothers Group faced sanctions over alleged tanker sales to , though these were lifted later that year following investigations. Ofer's vision emphasized sustainable growth in these emerging economies, leveraging his expertise to develop amid privatization waves. By 2011, these industrial and international endeavors contributed to the Ofer family's peak wealth, estimated by at $10.3 billion—shared between Yuli and —making them Israel's richest family and ranking 79th globally among billionaires. This fortune underscored Ofer's strategic diversification beyond traditional sectors, enhancing his legacy in global business.

Philanthropy

Support for Education

Yuli Ofer demonstrated a strong and ongoing commitment to higher education in through his , particularly as a key supporter of (formerly the , or IDC ) since its founding in 1994. His contributions helped bolster the institution's growth as a center for interdisciplinary learning, with a focus on business, law, and communications programs that foster innovation and professional development. In collaboration with his brother , Yuli provided significant infrastructure aid by co-funding the Ofer academic halls on the campus. These facilities, integrated into the broader university layout, support academic residences and learning spaces for students in fields like communications and , enhancing the campus's role as an "academic village" conducive to knowledge pursuit. Ofer's educational giving earned him recognition as a loyal donor to universities emphasizing and , addressing critical needs in Israel's higher education landscape by enabling access to modern, practical training for future leaders. His sustained involvement filled gaps in resources for private institutions dedicated to entrepreneurial and economic education.

Aid to Social Causes

Yuli Ofer was recognized for his contributions to health initiatives in , particularly through donations supporting hospitals and medical facilities. In collaboration with his brother , he funded the construction of a medical center at a hospital, participating in the 2007 cornerstone laying ceremony for the project. Ofer's also encompassed social welfare programs, with direct funding provided to initiatives aiding children at risk and needy families. These efforts focused on essential to address vulnerabilities in Israeli communities. As a key figure in the Ofer family's longstanding tradition of charitable giving, Ofer maintained personal involvement in these non-educational causes, drawing from the family's immigrant roots to prioritize support for those facing economic and social challenges.

Personal Life and Death

Family and Residences

Yuli Ofer was married to Ruth Ofer, his third wife. The couple resided together in , where Ruth survived him following his death in 2011. They had two children: a son, Doron Ofer, who became involved in the family's shipping interests, including a 33% stake in Ofer Shipping that his father transferred to him during his lifetime, and a daughter, Liora Ofer, who joined her father at Ofer Investments at age 20. Ofer's extended family included his older brother, , with whom he initially partnered in business ventures; Sammy passed away in June 2011 at age 89. Sammy's sons, nephews and , inherited and expanded portions of the family empire on their branch, managing shipping, , and other assets separately from Yuli's side. Ofer's primary residence was a home in , near , where he died in September 2011 at age 87. The family also owned luxury properties connected to their real estate developments, such as a beachside in that the Ofer brothers sold in 2007 for $24 million, the highest price for a home in at the time; these assets blended personal use with business holdings. Ofer's children played key roles in ensuring business continuity, with Liora and Doron positioned as the next to oversee Ofer Investments and related enterprises, maintaining the family's influence in shipping, , and industry.

Death and Succession

Yehuda "Yuli" Ofer died on September 11, 2011, at the age of 87 in his home in , . His passing occurred just three months after the death of his elder brother and longtime partner, . As one of 's wealthiest figures, Ofer's death prompted widespread public mourning, with Israeli Prime Minister issuing a statement lamenting the loss of a visionary entrepreneur who contributed significantly to the nation's economy. Many individuals from and political circles visited the Ofer family home to express condolences, reflecting his stature in Israeli . Ofer's death immediately triggered an inheritance dispute centered on his revised will from November 2008, which bequeathed the majority of his personal assets, including a 36.7% stake in the private Ofer Investments, to his Liora Ofer, effectively disinheriting his Doron Ofer from those holdings. Doron contested the will's validity, arguing it deviated from an earlier version that divided the estate more equally between the siblings, but a court upheld the 2008 document in December 2013, ruling it reflected Ofer's true intentions and awarding the stake to Liora. Doron appealed the ruling, but the Court rejected it in November 2015. In the aftermath, Ofer's assets were integrated into the broader family holdings, with Doron assuming primary oversight of the shipping operations through entities like his investment firm Quantum Pacific, while Liora took control of the diversified investments via Ofer Investments. The dispute's resolution facilitated a gradual consolidation, culminating in Doron selling his 15% stake in Ofer Investments to Liora in early 2023 for an undisclosed sum, further centralizing her management of those assets. In September 2024, Liora's Melisron Group acquired the remaining 50% stake in Aviv Yizum from Doron's Aviv Group. As of November 2025, the family's business structure remains stabilized with this separation.

References

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  4. https://www.runi.ac.il/en/about/runifriends/donor-recognition/yuli-ofer
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  9. http://www.jpost.com/business/business-news/businessman-yuli-ofer-passes-away-at-the-age-of-87
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  44. https://www.ynetnews.com/real-estate/article/rygua5l2xl
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