Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Ahmed Zayat

Ahmed Zayat holding the trophy at the 2015 Preakness Stakes

Ephraim Ahmed Zayat (b. 1962) was born in Cairo to a wealthy Orthodox Jewish-Egyptian family. His father was Egyptian President Anwar Sadat’s personal doctor. Zayat studied in the US at Yeshiva University, and then at Boston University, where he got his Master’s in business and health. He then spent some time as a real estate investor in New York (working for past Jew of the Week Zev Wolfson), before returning to Egypt to run Al-Ahram Beverages. Zayat turned the company into a huge success, particularly through its popular alcohol-free halal beer catered to the Muslim world. He sold Al-Ahram to Heineken in 2002 for triple the original price, making it the largest buyout in Egypt’s history. Zayat then turned his attention to horse racing. He first learned to ride horses as a child growing up in Egypt, and had competed in various show jumping tournaments, winning a couple of national titles. Zayat soon started his new company, Zayat Stables, to breed his own race horses. His horses have gone on to win two dozen prestigious competitions. At one point, he was America’s number one race horse owner. Most recently, his horse American Pharoah made history by winning the Triple Crown – one of just 12 horses to do so, and the first since 1978. Before the final race, Zayat had American Pharoah’s jockey Victor Espinoza visit the grave of the Lubavitcher Rebbe to pray for success. Zayat still has big investments all over the world, including being the main shareholder in Egypt’s largest glass container manufacturer. He is also a noted philanthropist, donating large sums to various important causes, including Jewish schools.

Words of the Week

From the time that God said to our forefather Abraham, “Go from your land…” and “Abraham went on, journeying southward,” began the process of birurim – of extracting the sparks of holiness that are scattered throughout the universe and buried within the material existence… By Divine providence, a person wanders about in his travels to those places where the sparks that are to be extracted by him await their redemption…
– Rabbi Sholom DovBer of Lubavitch

Jew of the Week: Ruth Porat

“The Most Powerful Woman on Wall Street”

Ruth Porat

Ruth Porat (b. 1957) was born in England to Jewish immigrants from Israel. Her father was a Holocaust survivor who escaped to a kibbutz and fought in Israel’s War of Independence. He later became a physicist and moved the family first to Massachusetts and then to California, while doing research at Harvard, MIT and the National Accelerator Lab in Palo Alto. Ruth Porat studied at Stanford, and has Master’s degrees from both The London School of Economics and The Wharton School. Throughout most of her career, Porat worked for Morgan Stanley, rising all the way up to the rank of CFO and Executive Vice President. Before that, she served as the Vice Chair of their Investment Banking division, and the head of their international Financial Institutions Group. During the 2008 Financial Crisis, Porat was a chief adviser to the US Treasury, and was praised for helping to save AIG from total collapse, an event that would have completely tanked the economy. Not long ago, she was nicknamed the “Most Powerful Woman on Wall Street”. At the same time, Porat has been married for over 30 years, and is a mother of three, maintaining a steady “work-family mix”, as she calls it, and encouraging her co-workers to do the same. As one of only a few women with such high positions in the financial world, she has become an important role model. She is also a breast cancer survivor. In the past, working as a co-head of Morgan Stanley’s tech investment division, she directed funds to companies like eBay, and Amazon in their early days, helping to turn them into the giant companies they are today. Due to her vast knowledge of both the financial sector and the digital world, she was recently hired by Google, and as of last week, is their new CFO.

Words of the Week

Transgressions of man towards God – Yom Kippur atones for them. Transgressions of man towards man, Yom Kippur does not atone for them, until one seeks forgiveness from one’s fellow.
– Talmud, Yoma 85b

Jew of the Week: Roman Abramovich

Roman Abramovich

Roman Arkadyevich Abramovich (b. 1966) was born in Lithuania. His parents died before he turned four years old, so he was raised by his grandparents in the cold, remote Arctic region of Komi. Dropping out of college, Abramovich initially worked as both a mechanic and merchant, selling goods from his apartment (at one point, his main wares were rubber ducks and retreaded car tires). In 1988, he started a doll-making business with his wife, and by then had also began investing in Russian oil and gas. By 1995, natural resources were his sole focus, and he had generated a great deal of wealth. Partnering with Boris Berezovsky, the two bought the oil company Sibneft in 1995 and quickly turned it into a multi-billion dollar company. The following year, just thirty years old, he was invited to live in the Kremlin by Russian President Yeltsin. Three years later, he was elected governor of the impoverished and bankrupt province of Chukotka, where he has since contributed over $2 billion of his own money in charitable funds and investments, turning the region into one of the most flourishing in Russia, multiplying its average salary more than five-fold. Unfortunately, Abramovich has also been mired in controversy, bribery scandals, and affairs with the mafia – whom he reportedly paid hundreds of millions per year for protection. (To be fair, most businesspeople, and politicians, in post-Soviet Russia are in the same boat.) Abramovich did try to clear his name and get away from it all, restarting his life in London, and even paying his former partner Berezovsky over $1 billion in 2001 to leave him alone. As a close friend of Yeltsin, he was given the task of interviewing potential presidential candidates who would succeed Yeltsin. It is said that Abramovich was the one who first recommended Putin. Most famously, Abramovich bought the Chelsea Football Club in 2003 and quickly turned over its fortunes, soon making it the league champion for the first time in 50 years, followed by ten more titles in a decade. Abramovich also started a charity organization called the National Academy of Football, which has built over 50 soccer fields across Russia and funds sports programs for disadvantaged youth. He also contributes to Chabad, and is the chairman of Russia’s Federation of Jewish Communities. Having donated countless billions, Abramovich has the distinction of being the most generous philanthropist in Russia. Despite having lost a sizable portion of his wealth in the recent financial crisis, he is still the 12th richest person in Russia, and 137th in the world. The father of seven children has been awarded the Order of Honour and was Russia’s Person of the Year in 2003. Earlier this week, he bought his first property in Israel, spending $25 million on a historic hotel in Tel-Aviv, which he will be converting into his private residence.

Words of the Week

Try not to become a man of success. Rather, become a man of value.
– Albert Einstein