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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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Yuli Ofer

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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, real estate, banking, and chemicals.[1][2][3] Born in Romania, Ofer immigrated to British Mandate Palestine as an infant with his family, including his elder brother Sammy, and later served as a major in the Israel Defense Forces during his early adulthood.[2][1] In 1957, alongside Sammy, 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 Zodiac Maritime.[3][4] 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 Herzliya and Ashkelon.[3][2][4] Ofer's visionary investments, particularly in post-Iron Curtain Eastern and Central Europe 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.[3][4] He was also a dedicated philanthropist, supporting hospitals, at-risk children, needy families, and higher education as a longtime benefactor of Reichman University since its founding.[4] Ofer, who died at his home near Tel Aviv at age 87, was survived by his wife Ruth, daughter Leora, son Doron, and numerous grandchildren.[2][1]

Early Life

Birth and Immigration

Yehuda Herskovich, later known as Yuli Ofer, was born in 1924 in Galați, Romania, into a Jewish family.[5][6] At the age of six months, in 1924, his family immigrated to Mandatory Palestine and settled in the port city of Haifa, where they established their new life amid the British Mandate era.[7][5] The Ofer family consisted of Yuli and his two older brothers, Sammy and David, 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 Palestine.[5][8] In Haifa, 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.[8]

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.[9][2] Following the war, Ofer's military career concluded in the late 1940s, marking his shift from active duty to civilian pursuits in the newly established Israel. He settled in Haifa, where the family's roots were established after immigrating from Romania in 1924, and immersed himself in the local economy centered around the port. Initial employment involved hands-on roles in trade and at the shipping docks, including supplying essential equipment to vessels, which provided foundational exposure to maritime logistics and commerce.[9][2][10]

Business Career

Founding and Shipping Ventures

In 1956, Yuli Ofer and his brother Sammy established Mediterranean Routes, a shipping company focused on regional cargo transport in the Mediterranean Sea, marking the beginning of their joint business endeavors in maritime trade.[8] This venture started modestly as a chandlery and agency supplying ships in Haifa, leveraging the brothers' prior experience in their father's import-export firm to secure initial contracts for small-scale freight services.[11] 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.[12] 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 Israel Corporation, acquiring approximately 50% control and integrating their operations to form a dominant national carrier.[11][13] This partnership evolved over decades; by 1999, Ofer Brothers secured a 53% stake in Israel Corporation for $330 million, solidifying their influence over Zim Integrated Shipping Services, then the country's primary container shipping entity.[14] Full privatization followed in 2004 when Israel Corporation, under Ofer control, purchased the remaining 48.6% government stake for $115 million, establishing Zim as the cornerstone of their privately held fleet.[15] Under Yuli Ofer's oversight of Israeli operations, the group managed a diverse array of vessels, emphasizing efficiency in global trade routes. The 1980s marked a pivotal expansion for the Ofer Brothers into specialized segments, beginning with oil tankers managed through bases in Hong Kong and Singapore. Their entry into this sector started in 1973 with the acquisition of the 65,100 dwt tanker Cyprian (later renamed Botany Bay), but accelerated in the 1980s via Tanker Pacific Management Pte. Ltd., which oversaw a growing fleet of chemical and product carriers amid rising global energy demands.[11] This international push diversified their portfolio beyond regional cargo, positioning the group as a major player in bulk liquid transport. Concurrently, in the late 1980s, the brothers invested in the cruise industry by acquiring a 16.5% stake in Royal Caribbean Cruise Lines alongside the Pritzker family, facilitating entry into luxury passenger shipping without establishing a wholly owned subsidiary.[11] 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 economic liberalization following the stabilization of hyperinflation in the 1980s. In 1994, the Ofer Brothers Group, led by Yuli and his brother Sammy, acquired a controlling interest in Mizrahi Bank in partnership with the Wertheim family, transforming it into Israel's fourth-largest commercial bank.[16][4] This move capitalized on the privatization 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 real estate 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.[17] Under his leadership, Melisron became one of Israel's premier real estate firms, specializing in commercial properties and owning over 20 shopping centers by the early 2000s. Notable projects included the upscale Ramat Aviv Mall in Tel Aviv, the Renanim Mall in Ra'anana, and the Kiryon Mall in Kiryat Bialik, which exemplified the company's focus on high-traffic urban retail spaces during the 1990s property boom driven by economic growth and immigration.[18][19] Ofer further broadened real estate diversification through marina developments, serving as part owner and developer of facilities in Herzliya and Ashkelon via Ofer Properties. These projects, initiated in the 1990s, aimed to integrate leisure infrastructure with commercial real estate, positioning Israel as a Mediterranean yachting destination and aligning with the era's liberalization that encouraged private investment in tourism-related assets.[4] 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.[20]

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.[11][21] 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.[22][23] 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.[24][25] These moves, supported by banking resources from prior ventures, positioned the Ofers as pivotal players in Israel's industrial landscape.[26] Parallel to his domestic industrial pursuits, Yuli Ofer pioneered investments in post-Cold War Eastern and Central Europe through Central European Estates B.V. (CEE), a Dutch-registered company based in Hungary that he co-owned and led as president and majority shareholder.[4] CEE focused on real estate and industrial projects across former Iron Curtain 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 Serbia and Budapest. In 2011, the Ofer Brothers Group faced US sanctions over alleged tanker sales to Iran, though these were lifted later that year following investigations.[27][28] Ofer's vision emphasized sustainable growth in these emerging economies, leveraging his expertise to develop infrastructure amid privatization waves.[29] By 2011, these industrial and international endeavors contributed to the Ofer family's peak wealth, estimated by Forbes at $10.3 billion—shared between Yuli and Sammy—making them Israel's richest family and ranking 79th globally among billionaires.[30][31] This fortune underscored Ofer's strategic diversification beyond traditional sectors, enhancing his legacy in global business.[8]

Philanthropy

Support for Education

Yuli Ofer demonstrated a strong and ongoing commitment to higher education in Israel through his philanthropy, particularly as a key supporter of Reichman University (formerly the Interdisciplinary Center Herzliya, or IDC Herzliya) 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.[4] In collaboration with his brother Sammy Ofer, Yuli provided significant infrastructure aid by co-funding the Ofer academic halls on the Herzliya campus. These facilities, integrated into the broader university layout, support academic residences and learning spaces for students in fields like communications and diplomacy, enhancing the campus's role as an "academic village" conducive to knowledge pursuit.[32] Ofer's educational giving earned him recognition as a loyal donor to universities emphasizing business and innovation, 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.[4]

Aid to Social Causes

Yuli Ofer was recognized for his contributions to health initiatives in Israel, particularly through donations supporting hospitals and medical facilities. In collaboration with his brother Sammy, he funded the construction of a medical center at a Tel Aviv hospital, participating in the 2007 cornerstone laying ceremony for the project.[33] Ofer's philanthropy also encompassed social welfare programs, with direct funding provided to initiatives aiding children at risk and needy families. These efforts focused on essential social services to address vulnerabilities in Israeli communities.[4] 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.[4]

Personal Life and Death

Family and Residences

Yuli Ofer was married to Ruth Ofer, his third wife. The couple resided together in Israel, 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,[34] and a daughter, Liora Ofer, who joined her father at Ofer Investments at age 20.[35] Ofer's extended family included his older brother, Sammy Ofer, with whom he initially partnered in business ventures; Sammy passed away in June 2011 at age 89. Sammy's sons, nephews Idan Ofer and Eyal Ofer, inherited and expanded portions of the family empire on their branch, managing shipping, real estate, and other assets separately from Yuli's side.[36] Ofer's primary residence was a home in Herzliya, near Tel Aviv, where he died in September 2011 at age 87.[37] The family also owned luxury properties connected to their real estate developments, such as a beachside villa in Herzliya that the Ofer brothers sold in 2007 for $24 million, the highest price for a home in Israel at the time; these assets blended personal use with business holdings.[38] Ofer's children played key roles in ensuring business continuity, with Liora and Doron positioned as the next generation to oversee Ofer Investments and related enterprises, maintaining the family's influence in shipping, real estate, and industry.[7]

Death and Succession

Yehuda "Yuli" Ofer died on September 11, 2011, at the age of 87 in his home in Herzliya, Israel.[3][2] His passing occurred just three months after the death of his elder brother and longtime business partner, Sammy Ofer.[1] As one of Israel's wealthiest figures, Ofer's death prompted widespread public mourning, with Israeli Prime Minister Benjamin Netanyahu issuing a statement lamenting the loss of a visionary entrepreneur who contributed significantly to the nation's economy.[2] Many individuals from business and political circles visited the Ofer family home to express condolences, reflecting his stature in Israeli society.[39] 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 holding company Ofer Investments, to his daughter Liora Ofer, effectively disinheriting his son Doron Ofer from those holdings.[40][41] Doron contested the will's validity, arguing it deviated from an earlier version that divided the estate more equally between the siblings, but a Tel Aviv court upheld the 2008 document in December 2013, ruling it reflected Ofer's true intentions and awarding the stake to Liora.[40][42] Doron appealed the ruling, but the Tel Aviv District Court rejected it in November 2015.[43] 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.[36] 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.[36] In September 2024, Liora's Melisron Group acquired the remaining 50% stake in Aviv Yizum from Doron's Aviv Group.[44] As of November 2025, the family's business structure remains stabilized with this separation.

References

  1. Yuli Ofer, Israeli Tycoon, Is Dead at 87 - The New York Times
  2. Israeli Tycoon Yuli Ofer Dies at 87 - Business
  3. Israeli shipping, banking tycoon Yuli Ofer dies - Reuters
  4. ​​​​Yuli Ofer z"l | Reichman University
  5. Yuli Ofer, Israeli businessman, philanthropist, passes away - ישראל היום
  6. Yuli Ofer dies at 87 - Globes English - גלובס
  7. Yuli Ofer - The Times
  8. Businessman Yuli Ofer passes away at the age of 87
  9. Yehuda Ofer, Israeli billionaire tycoon, dies at 87
  10. Ofer Brothers Of Israel - Shipping Today & Yesterday Magazine
  11. Ofer Investments
  12. Israel Corporation Losing Control of Zim - Business - Haaretz
  13. OFER BROTHERS BUYS CONTROL OF ZIM ISRAEL
  14. Israel Corp. completes purchase of state share in Zim - FreightWaves
  15. Sammy Ofer Pushes Yuli Family Out - Haaretz Com
  16. Sammy Ofer remembered - TradeWinds
  17. https://matrixbcg.com/blogs/owners/mizu
  18. Yehuda Yuli Ofer - Director at Melisron - The Org
  19. About Melisron
  20. Yuli Ofer, Melisron Ltd: Profile and Biography - Bloomberg Markets
  21. Ofer Family – Real Estate, Bank, Shipping Co Worth $ 6 Bln - Globes
  22. Taking Stock Ofer and the State - Haaretz Com
  23. [PDF] The Mineral Industry of Israel in 1999 - AWS
  24. [PDF] Israel Chemicals Ltd. Corporate Responsibility Report
  25. Israel Corporation (IRLCF) Company Profile, History, Products ...
  26. Israel Corp., Palestinian Deal Blocked, Plans China Car Maker
  27. Shipping Baron Sami Ofer, 89, Passes Away Amid Iran Scandal
  28. Yuli Ofer's CEE buys Inventech - Globes English - גלובס
  29. [PDF] The Interdisciplinary Center Herzliya יהודה (יולי) עופר
  30. Israeli Billionaire Embroiled in Iran Scandal Dies (UPDATE) - Forbes
  31. FACTBOX-U.S. sanctions on Israel's Ofer Brothers Group - Reuters
  32. Sammy Ofer School of Communications | Reichman University
  33. Controversial Israeli billionaire Ofer dies - The Hindu
  34. Doron Ofer to contest father's will | The Jerusalem Post
  35. Liora Ofer | Reichman University
  36. Israel's richest family completes dividing the spoils - Globes English
  37. Yuli Ofer passes away at the age of 87 | The Jerusalem Post
  38. $24m house sale most expensive ever in Israel | The Jerusalem Post
  39. Netanyahu and friends eulogize late businessman Yuli Ofer
  40. Liora Ofer Wins Inheritance Dispute With Brother Doron Ofer - Haaretz
  41. Leora Ofer Wins Inheritance Battle To Control Ofer Investments In ...
  42. Doron Ofer appeals against inheritance ruling - Globes English - גלובס
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