Idan Ofer

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Idan Ofer
Idan Ofer (6782129355) (cropped).jpg
Born 5 May 1955
Residence London, England
Education University of Haifa
London Business School
Occupation Shareholder of Quantum Pacific Group, Pacific Drilling, Israel Corporation, Kenon Holdings & Atlético Madrid
Net worth US$3.2 billion (September 2018)[1]
Spouse(s) 4, including Batia Ofer
Children 5
Parent(s) Sammy Ofer
Aviva Ofer
Relatives Yuli Ofer (uncle)
Eyal Ofer (brother)

Idan Ofer (Hebrew: עידן עופר‎; born 5 May 1955) is a London-based Israeli business magnate and philanthropist, with interests in shipping, drilling and mining. He is the founder of Tanker Pacific and the Principal of the Quantum Pacific Group, a holding company. He is the majority shareholder of Pacific Drilling, listed on the New York Stock Exchange, and the Israel Corporation, listed on the Tel Aviv Stock Exchange, as well as Kenon Holdings, listed on both stock exchanges. He made the largest donation to a British business school ever in 2013.

Early life[edit]

Idan Ofer was born in 1955.[1] His father, Sammy Ofer, was an Israeli shipping magnate originally from Romania.[1][2][3] His mother, Aviva Ofer, lives in London.[3][4][5][6] He has a brother, Eyal Ofer.[1]

Ofer grew up in Haifa, and did his mandatory military service in the Israeli Navy, serving as deputy commander of a patrol boat. He graduated from the University of Haifa with a Bachelor of Science in Economics and Shipping.[7][8] He then received a Master's in Business Administration from the London Business School in the 1980s.[7][9][10]

Career[edit]

He started his career by expanding the family shipping business in Hong Kong in the 1980s.[2][8] He then worked in Singapore and the United States.[8] In 1989, he was the founder of the Tanker Pacific, now the largest privately owned tanking fleet globally.[7]

He is the Principal of the Quantum Pacific Group, a Guernsey-based holding corporation.[1][4] He is also the majority shareholder of Pacific Drilling, a public company listed on the New York Stock Exchange, and the Israel Corporation, the largest public holding listed on the Tel Aviv Stock Exchange.[1][4] He served as the Chairman of the Israel Corporation from 1999 to 2010, and as a member of its Board of Directors from 1999 to 2013.[7][8] He has served on the Advisory Boards of Synergy Ventures and Aspect Enterprise Solutions.[7] He was an investor in Better Place, an electric car company which went bankrupt in May 2013.[1]

In 2014, he established Kenon Holdings as a spin off from the Israel Corporation.[11][12] It is a holding company primarily focused on growth-orientated businesses in the automotive and energy industries.[13] It inherited some of the investments previously held by the Israel Corporation, such as Qoros, a joint project created in partnership with Chery Automobile that manufactures automobiles aimed towards a ‘young, internationally-minded’ market in China.[12][14][15] Other investments include Zim Integrated Shipping Services and IC Power.[12] It also includes Inkia Energy, a Peruvian energy company and subsidiary of the IC Power.[16][17] Meanwhile, the Israel Corporation retains investments in Oil Refineries and Israel Chemicals.[12]

He serves on the Advisory Board of the Council on Foreign Relations and the Dean's Council of the John F. Kennedy School of Government at Harvard University.[7][8] With Richard Branson and others, he is a co-founder of the Carbon War Room, a think tank on climate change based in Washington, D.C..[1][8][18] According to The Financial Times, he is "a Tel Aviv liberal in the mould of the old Israeli Labour party."[2]

Shortly after his father's death in 2011, he inherited half his father's fortune.[1] Additionally, he inherited half of his father's "vast collection" of modern art.[1] As a result, by 2013, he was the richest man in Israel.[4][5] According to Forbes, Idan Ofer has a net worth of $4.1 billion, as of January 2015.[1]

Philanthropy[edit]

In 2013, he donated £25 million, or $40 million, to his alma mater, the London Business School through the Idan and Batia Ofer Foundation.[9][10][19][20] As a result of the charitable gift, the LBS established The Sammy Ofer Centre in honor of his father.[9][19] It will be located in the Old Marylebone Town Hall, a historic building leased by the university since 2012 undergoing redevelopment as classrooms and lecture halls for students and academics at LBS.[10][19][20] The new building is expected to be dedicated in 2016.[9] As of 2013, it was the largest private donation ever made to a British business school.[9]

In 2013, he made a donation to the John F. Kennedy School of Government at Harvard University for the establishment of the Sammy Ofer Graduate Fellowship Fund for Emerging Leaders from Israel and Palestine, a scholarship program for Israeli and Palestinian students to attend the school.[21] It offers full tuition every year to four Israeli or Palestinian students who have demonstrated their commitment to fostering peace in the region.[21]

With his wife Batia, he has made charitable contributions to the Jewish Museum London.[22]

Personal life[edit]

He has been married four times.[2] His fourth wife is Batia Ofer, a philanthropist,[10][19] who serves on the advisory board of Sotheby's.[23] He has five children.[1] They resided in Arsuf, near Tel Aviv, until 2013.[6] His daughter, Leigh Ofer resides in New York City; his other children reside in London.[1]

References[edit]

  1. ^ a b c d e f g h i j k l m "Idan Ofer". Forbes. Retrieved 18 January 2015. 
  2. ^ a b c d John Reed, Idan Ofer: fleeing Israel’s new populism, The Financial Times, 12 April 2013
  3. ^ a b Isabel Kershner, Sammy Ofer, Magnate and Israeli Power Broker, Dies at 89, The New York Times, 4 June 2011
  4. ^ a b c d John Reed, Israel’s richest man risks anger over UK move, The Financial Times, 8 April 2013
  5. ^ a b Alistair Dawber, Israel’s wealthiest man Idan Ofer set to move to London amid tax row, The Independent, 9 April 2013
  6. ^ a b Eytan Avriel, Israeli billionaire Idan Ofer's moving to London. No loss to us, Haaretz, 10 April 2013
  7. ^ a b c d e f "Stocks - Bloomberg – Idan Ofer". bloomberg.com. Retrieved 31 July 2017. 
  8. ^ a b c d e f "Who we work with | The Climate Group – Idan Ofer". theclimategroup.org. Retrieved 31 July 2017. 
  9. ^ a b c d e Israeli-Born Billionaire Idan Ofer Donates £25 Million to London Business School, Algemeiner Journal, 2 October 2013
  10. ^ a b c d Sandy Rashty, Idan Ofer donates £25 million to a London business school, The Jewish Chronicle, 2 October 2013
  11. ^ "Kenon Holdings Ltd", Reuters. Accessed 29 October 2015.
  12. ^ a b c d Eran Hazran, In surprise move, Israel Corp. will list spin-off Kenon in Tel Aviv, Haaretz, 14 October 2014
  13. ^ "Holdings", Kenon Holdings. Accessed 29 October 2015.
  14. ^ Colum Murphy, Israel Corp.’s Idan Ofer Reiterates Support for Chinese Car Maker Qoros, The Wall Street Journal, 5 November 2014
  15. ^ "China’s Newest Car Brand: Qoros", The Wall Street Journal, 28 November 2011. Accessed 29 October 2015.
  16. ^ "Kenon Holdings: IC Power". kenon-holdings.com. Retrieved 31 July 2017. 
  17. ^ Naomi Mapstone, Peru’s Inkia Energy sells $300m bond, The Financial Times, 30 March 2011
  18. ^ "Home - Rocky Mountain Institute – Carbon War Room: Founders". carbonwarroom.com. Retrieved 31 July 2017. 
  19. ^ a b c d Della Bradshaw, Adam Palin, Idan Ofer gives £25m to London Business School, The Financial Times, 26 September 2013
  20. ^ a b Idan Ofer donates $40 million to London Business School, The Times of Israel, 1 October 2013
  21. ^ a b Doug Gavel, Harvard Kennedy School Receives Gift to Establish the Sammy Ofer Graduate Fellowship Fund for Emerging Leaders from Israel and Palestine, 31 July 2013
  22. ^ "Our supporters - The Jewish Museum London". jewishmuseum.org.uk. Retrieved 31 July 2017. 
  23. ^ "ADVISORY BOARD". Sotheby's. Retrieved 25 April 2016.