Category Archives: Business & Finance

Jews in the World of Business and Finance

Jews of the Week: Renée and Sir Naim Dangoor

The “Exilarch” and the First “Miss Iraq”

Sir Naim Dangoor in 2015

Naim Eliahou Dangoor (1914-2015) was born in Baghdad to a wealthy and religious family, at a time when a full third of the city’s population was Jewish. His grandfather was the Chief Rabbi of Baghdad, while his father operated the largest Arabic printing press in the world. At 17, Dangoor journeyed to England to study engineering at the University of London. Upon his return to Iraq, he hoped to work as a railway engineer but was barred from the position because he was Jewish. Instead, Dangoor was conscripted into the army. There, he met Ahmed Safwat, and the two decided to start a business together. The first major contract secured by their company (Eastern Industries Ltd.) was to replace the windows of Iraq’s government buildings. They soon diverged into property development and manufacturing. They made matches, furniture, and opened Iraq’s very first Coca-Cola bottling plant.

Renée Dangoor

Meanwhile, Naim married his cousin, Renée Dangoor(1925-2008). She was born in Shanghai, where her family temporarily lived for business. The family moved back to Baghdad when she was still a child. In 1947, she participated in the country’s first beauty pageant, and was crowned the first ever “Miss Iraq”. She married Naim the following year. Unfortunately, things got really bad for Iraq’s Jews after the founding of the State of Israel. By 1959, the Dangoors had no choice but to flee. Naim continued to operate his businesses for a few more years until the government stripped him of his citizenship and took over his company. The family settled in England and started from scratch, opening a new property development business, and establishing a community centre for Iraqi Jewish immigrants. To preserve their culture, Naim founded The Scribe – Journal of Babylonian Jewry, which would go on to publish magazine issues for 35 years, distributed in 25 countries. By 1980, Dangoor had rebuilt his wealth. He wanted to give back to his new home, and established the Exilarch Foundation to provide charitable funds to organizations across the UK. Among other things, the Foundation has provided full scholarships to over 5000 needy students. The Dangoors made the largest ever private donation to both the Royal Society of Medicine and the Francis Crick Institute (Europe’s largest biomedical research facility). After Renée succumbed to cancer, Naim became one of the biggest contributors to Cancer Research UK. He also donated a massive sum to the University of Nanjing in China, in honour of his wife who was born nearby. Among the many other beneficiaries of the Dangoors is Bar-Ilan University, which now runs the Dangoor Centre for Personalised Medicine. Shortly before his passing, at age 100, Dangoor was knighted by the Queen, making him the second-oldest person ever to receive the honour.

50 Things a Jew Should Always Do

Words of the Week

The idea is that you’re supposed to be a light to the nations. If you only have your light on at home, nobody else sees it.
– Rabbi David Wolpe

Clockwise from left: Hakham Ezra Reuben Dangoor, Chief Rabbi of Baghdad from 1923-1926; Naim and Renée at a Baghdad party; an Arabic newspaper announces “Miss Iraq” in 1947; the first Coca-Cola ad in Iraq, circa 1950; Naim with his business partner Ahmed Safwat.

Jews of the Week: Safra Family

World’s Richest Banker

Edmond, Joseph, and Moise Safra

Jacob Safra (1891-1963) was born to a religious Sephardic family in the Jewish community of Aleppo, Syria. He was from a long line of Ottoman merchants and bankers. When the Ottoman Empire collapsed, Safra opened a new banking business in Beirut. His bank soon became the most trusted financial institution for the region’s many Jews. When things became difficult in Arab countries following the establishment of the State of Israel, Safra moved his family (with four sons and four daughters) to Italy, and then to Brazil. There, Safra and his sons founded a new bank in São Paulo in 1955. While eldest son Elie Safra (1922-1993), and third son Moise Safra (1934-2014) played smaller roles in the family business, the most prominent of the brothers was undoubtedly Edmond Safra (1932-1999). He opened a branch in Geneva, and transformed an initial $1 million into $5 billion in less than three decades. He also founded the Republic National Bank of New York, which grew to 80 locations, making it the third largest bank network in the city (after Chase and Citigroup). Edmond later opened financial institutions in Luxembourg and Russia. The latter would prove unfortunate, as many believe his “accidental” death in a house fire may have been an assassination by Russian mobsters. Today, Banco Safra is run by youngest son Joseph Safra (b. 1939). His net worth is estimated around $25 billion, making him the richest banker in the world. The Safras have always been famous for their incredible generosity. They have funded countless schools, hospitals, universities, and charities. Edmond Safra was particularly interested in building and restoring Jewish sites, and paid for synagogues all over the world, including in Manila, Istanbul, and Kinshasa. He financed the first new synagogue in Madrid in 500 years, and saved an ancient synagogue in France from demolition. He also refurbished and funded the tombs of Rabbi Meir and Rabbi Shimon bar Yochaiin Israel, and prayed at the tomb of the former each year before the holiday of Shavuot. Several medical centres and university faculties around the world bear his name, and the Safra family was one of the founders of São Paulo’s most renowned hospital. He established the International Sephardic Education Foundation to provide scholarships for those in need, and the Edmond J. Safra Philanthropic Foundation continues to give millions to charity each year. The Safras stay out of the public eye, and hold on to their faith – as well as a strictly kosher diet. Most recently, they paid for the beautiful new Moise Safra Centre in Manhattan.

15 Life Lessons from King David

Words of the Week

If you believe breaking is possible, believe fixing is possible.
– Rabbi Nachman of Breslov

In 2014, Joseph Safra purchased one of London’s most iconic buildings, the Gherkin (left), for a whopping £700 million. The Safras also own the General Motors Building in Manhattan (bottom centre), and fund (clockwise from top) the American University of Beirut, the Edmond and Lily Safra Children’s Hospital in Israel, the Edmond J. Safra Synagogue of New York, and the tomb of Rabbi Meir – a popular pilgrimage site.