Yitzhak Tshuva
Yitzhak Tshuva | |
|---|---|
| Born | July 7, 1948 Tripoli, Libya |
| Occupation(s) | Entrepreneur, businessman |
| Known for | Founder of El-Ad Group, controlling Delek Group |
Yitzhak Tshuva (; born July 7, 1948) is an Israeli billionaire entrepreneur. He is the founder of El-Ad Group, a real estate development and holding company that once owned the New York Plaza Hotel, and he controls the Israeli conglomerate Delek Group. As of July 2024, Forbes valued his fortune at approximately US$4.3 billion.
Early life
Tshuva was born in 1948 in Tripoli, Libya. His paternal grandfather was a casualty of the 1948 Libyan riots. When Tshuva was just six months old, his family relocated to Israel during the Jewish exodus from Arab and Muslim countries. Initially, they resided in a transit camp near Pardesiya before moving to settle in Netanya.
Starting at age 12, Tshuva took on construction and agricultural jobs to help support his family. After completing his mandatory service in the Israel Defense Forces Engineering Corps, he joined the Defense Ministry’s construction division, overseeing projects on military installations across Israel. Among his notable contributions was work on fortifications along the Bar Lev Line by the Suez Canal following Israel’s seizure of the Sinai Peninsula during the 1967 Six-Day War.
Career
During the 1970s, Tshuva focused on developing affordable housing primarily in Netanya, building hundreds of apartments. In 1978, he established the "Manof" party, securing three seats on Netanya's city council where he managed construction, urban development, and neighborhood renewal initiatives. Throughout the 1980s, he launched extensive residential and commercial construction projects throughout Israel.
In 1988, Tshuva and his family relocated to the United States, where he pursued real estate development activities in New Jersey and New York City. He founded El Ad Holdings (El Ad Group) in 1992 to oversee his North American property investments. By the mid-1990s, El Ad Group had acquired thousands of residential and commercial assets across New York, Florida, Toronto, Montreal, and the U.S. West Coast.
El Ad Group made headlines in 2004 by acquiring New York City's Plaza Hotel for $675 million from Saudi investor Al-Waleed bin Talal. Before reopening in 2008, El Ad sold 182 residential units at record prices for Manhattan, generating close to $1 billion. The company divested its interest in both the hotel and adjacent commercial properties in 2013.
Tshuva's pivotal business milestone occurred in 1998 when he took control of Delek Israel Fuel Corporation from holdings linked to the Recanati family’s Israel Discount Bank. Under his leadership, Delek Group transformed into a diversified energy conglomerate with activities spanning petroleum, natural gas, insurance, biochemistry, and armored vehicles. The group uncovered major offshore natural gas reserves near Israel and Cyprus: 320 billion cubic meters at Tamar 1 and Dalit fields in 2009; 600 billion cubic meters at Leviathan field in 2010; along with further deposits at Dolphin, Tanin, and Block 12 off Cyprus. These discoveries have significantly diminished Israel’s dependence on imported energy while positioning Delek as a key domestic supplier and exporter. By 2014, Delek Group’s market capitalization was approximately $4.5 billion.
In 2009, Tshuva revealed intentions to invest substantially in the Red Sea–Dead Sea Water Conveyance initiative.
Dispositions
In June 2015, Tshuva divested a controlling interest in Phoenix Insurance Company to China's Fosun International for NIS 1.8 billion. Two years later, in June 2017, Israel Chemicals Ltd. (ICL) and the Delek group sold their combined 50% share in the water desalination firm IDE Technologies.
The 2020 COVID-19 crisis caused a decline in fossil fuel demand, significantly affecting Tshuva's principal holding company, Delek, which was burdened with NIS 6 billion in bondholder liabilities. To enhance cash flow, he proceeded with multiple asset sales.
In May 2020, Tshuva transferred 70.7% of ELAD Israel Residences, specializing in residential projects, to JTLV for NIS 198 million, followed by the sale of the remaining 25% stake in November 2021 for NIS 68.5 million. October 2020 witnessed the sale of a 70% share in Delek Israel to Lahav LR Real Estate and Uri Mantzur for NIS 525 million. Additionally, in August 2020, Elad Canada Realty was sold to Rester Management for CA$508 million.
In January 2021, Tshuva disposed of his 22% interest in broadcaster Keshet for $16 million and sold 107.5 acres of Acre land to Tidhar and Harel Insurance Investments for NIS 200 million. By April 2021, he had sold a 22% stake in Tamar Petroleum (a spin-off from Delek Drilling) to Mubadala Petroleum and Eli Azur.
February 2021 saw the sale of Star, a US-based rental property firm owning 14,414 units across eleven states and co-owned with Yakir Gabay, to Morgan Properties and Olayan America for $1.75 billion. In July of the same year, Tshuva sold the Queen of Sheba Eilat Hotel for NIS 458 million, which included NIS 250 million of associated debt.
Personal life
Tshuva and his wife Haya live in the Park Bavli development located in Tel Aviv's Old North neighborhood. They are parents to five children, among whom is their daughter Gal Naor, who practices as an architect.
He financed the Sha’arei Teshuva synagogue situated within the Western Wall Tunnels next to the kabbalistic synagogue founded by Rabbi Yehuda Getz. Opened in December 2017, this synagogue was designed by Gal Naor and features onyx flooring illuminated from beneath, accommodating up to 150 worshippers. Shoham Engineering carried out major structural enhancements such as reinforcing ancient arches and installing the illuminated onyx floor ceiling system.