Canadian billionaire Hershey Friedman, controlling shareholder of one of Israel's largest publicly traded developers, has spent the past 15 years transforming the once-struggling Azorim into a major force in the country’s housing market. After acquiring the near-bankrupt company in 2011, he refocused its operations on domestic projects, exited overseas ventures and invested heavily in new land and large-scale urban renewal developments. Today, the company oversees tens of thousands of housing units and ranks among the top developers by revenue, with a market value roughly ten times its purchase price.

Friedman is now placing a strategic emphasis on Jerusalem, where Azorim is involved in about 20 projects and planning more. Developments range from luxury complexes to community-focused housing tailored to diverse populations, including religious, secular and foreign buyers. The company integrates public amenities such as schools, synagogues and playgrounds into its projects, often in partnership with municipalities, reflecting Friedman's stated goal of building communities rather than just buildings.

Beyond traditional home sales, Azorim has expanded into long-term rental housing under a government-backed initiative aimed at stabilizing the rental market, as well as micro-logistics centers designed for small-scale manufacturers. While Friedman acknowledges slimmer returns in the rental sector amid high interest rates, he frames the effort as both a business venture and a contribution to national needs. A longtime philanthropist, he says his investments in real estate and other industries are guided by a belief that business success should be paired with giving back.