By Abijah Keru
Together with his brother Eyal Ofer, Idan Ofer is the son of the late shipping magnate Sammy Ofer who was once Israel’s richest man. Idan is the principal of Quantum Pacific Group based in Guernsey. One of QPG’Ss main interests includes one of the world’s largest privately owned shipping groups. The company also has a controlling stake in The Israel Corporation, which is the largest public holding company at The Tel Aviv Stock exchange. He is also the main shareholder of Pacific Drilling, which was listed in The New York Stock Exchange in 2012.
He also funds the Chinese car company, Qoros, which is a joint venture between Israel Corporation and Chery Automobile. Qoros first car was recently unveiled and production and sales began in China. It has been reported that Idan is planning to move to The United Kingdom, where his father served in The Navy, because of The UK’s favourable business environment compared to Israel’s hostile business and political climate. A sign of this is the fact that in 2013, he gave a gift of $42 million to The London Business School to refurbish the school’s campus buildings, which would be renamed The Sammy Ofer Centre in honour of his late father.
Israel Corporation is currently considering listing in the stock market abroad in order to boost its stock liquidity. One of the companies that Idan chaired, Better Place based in Silicon Valley and dealing in electric car fuelling filed for bankruptcy in 2013. He has inherited half of his father’s massive art collection, which has been reported to be one of the worlds most magnificent. His fortune suffered in 2013 when the world’s prices for potash fell coupled with uncertainty about the Israeli government’s attempt to review the royalties paid to it to extract potash from The Dead Sea. This currently puts his net worth at $6.5 billion.
Abijah is a journalism student who has a great passion for writing. She enjoys penning down her thoughts and sharing them with the world.