When Israeli billionaire real estate magnate Yakir Gabay received a call last fall at his home in Cyprus from Jared Kushner asking him to join U.S. President Donald Trump’s Board of Peace, he accepted it with aplomb.
The 60-year-old Jerusalem native and father of seven had been working behind the scenes, using his global connections as a highly successful tycoon with an estimated $4 billion fortune in business operations spread across Cyprus, London, Berlin and Israel to seek solutions for the Gaza Strip after the debilitating two-year war triggered by the Oct. 7, 2023, Hamas-led massacre.
Molding his ideas for a long-term for Gaza into action, he readily agreed to the prestigious offer to join as a member of the Executive Board of the Board of Peace formed by Trump, which is meant to oversee the Strip’s rehabilitation and administration, alongside two of the president’s closest confidants, Kusher and special envoy Steve Witkoff. They join, among others, former British Prime Minister Tony Blair, U.S. Secretary of State Marco Rubio, World Bank President Ajay Banga and representatives of several Middle Eastern governments.
The Board of Peace’s inaugural meeting is scheduled to take place on Feb. 19 in Washington, where announcements are expected to be made for $5 billion in reconstruction pledges as well as the deployment of thousands of personnel to international stabilization and police forces for the territory.
Israeli Foreign Minister Gideon Sa’ar will represent the government at the behest of Prime Minister Benjamin Netanyahu.
“Everything is subject to complete disarmament and demilitarization of Hamas,” an Israeli official told JNS this week, speaking on condition of anonymity. “Either they do it, or there is nothing to talk about.”
The official said that ”within weeks” it would become clear whether Hamas would agree to disarm as the international community demands.
“It is not Israel up against the world but Hamas,” the official said. “We don’t have to guess. Let’s give it a chance.”
Acknowledging many murky questions still clouding the second phase of the plan, the official noted that many Israelis never believed that all the hostages would be released as stipulated in the first stage of President Trump’s peace plan.
“So far, just looking at the facts, it has been 100 percent successful in its goal,” the official said. “Sometimes you just have to change your tactics. The results have proven themselves.”
Much to many European governments’ dismay, the Board of Peace is essentially jumpstarting the United Nations, which has been traditionally hostile to Israel.
‘A worthy choice’ and ‘a love for Israel’
Born in Jerusalem, Gabay grew up in the city’s upscale Talbiya neighborhood to a family of high-ranking Israeli civil servants.
His father served as director-general of the Justice Ministry, civil service commissioner, and president of the U.N. Administrative Tribunal; his mother headed the pardons department at the Justice Ministry.
A severe joint disease from age 11, which left him with a limp, prevented Gabay from enlisting in the military but left him with a lifelong sense of perseverance.
He is a graduate of the Hebrew University of Jerusalem, holding a BA in Economics and Accounting and an MA in Finance and Business Entrepreneurship.
While still in college, Gabay worked in the prospectus department of the Israel Securities Authority.
He then went on to serve as CEO of Bank Leumi’s investment banking division and as chairman of Gmul Investments, which managed investments for Israeli pension funds in real estate and securities.
Two decades ago, Gabay moved to Berlin, where he would launch his real estate empire.
Cyrus became a base due to its proximity to Israel and tax-free status.
“Yakir is that rare combination of a businessman, scholar, diplomat at heart, Israeli patriot and a sensible person,” Zvi Heifetz, a former Israeli ambassador to China and Britain, told JNS. “Those traits, coupled with his knowledge about the region and understanding of its mentality, make him a worthy choice for the Board of Peace.”
“Even when Yakir became an incredible success story, he always remained humble and true to his personality,” said the Italian-born Israeli businessman, Yoyo Allalouf, who is a friend. “He wants to do his best to push this to be a success, out of his love for Israel.”
