David Azrieli, who owns 40% of the Azrieli Group, and his son Rafi, who owns 15%, plan to donate most of their holdings to charity.
The prospectus for Azrieli Group's Tel Aviv Stock Exchange offering states that in the future the two plan to transfer all or part of their holdings to funds recognized as public foundations in Canada or Israel, the profits on which will be donated to, among other recipients, institutions in Israel recognized for tax purposes by the Canadian tax authorities.
Azrieli is an enthusiastic Zionist and already a prominent philanthropist. A few days before the prospectus was published, the Azrieli Group general shareholders meeting approved donations to the Azrieli Foundation amounting to 0.15% of the group's annual profit, but not exceeding NIS 14 million.
Azrieli was born in May 1922 in Makow in Poland. His parents were murdered in the Holocaust, but he managed to survive, fleeing eastward towards the Russian forces. He joined Polish soldiers who fought on the side of the Allies, and after the war he emigrated to then Palestine.
In 1944, Azrieli began studying architecture at the Haifa Technion, but his studies were interrupted by service in the IDF in the War of Independence. In 1954 he moved to Canada, where he became a tycoon in income producing real estate. In 1983, he set up the Azrieli Group in Israel and began to build his local empire.
Azrieli is married to Stephanie and the couple have four children: Rafi, Sharon, Naomi and Danna.
Published by Globes [online], Israel business news - www.globes-online.com - on May 12, 2010
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