JERUSALEM — Israeli billionaire Sammy Ofer, whose powerful, family-owned conglomerate is under scrutiny for alleged dealings with Iran, died Friday in Tel Aviv. He was 89.

Considered Israel’s richest man with a family fortune estimated by Forbes at $10.3 billion, Ofer and his brother, Yuli, built Ofer Bros. Group into Israel’s biggest private enterprise, with interests in shipping, oil refineries, chemicals, semiconductors, banking and media.

“Ofer was a Zionist through and through, and never forgot his commitment to others, even when he ascended to great heights,” said Israeli Prime Minister Benjamin Netanyahu.

Among the family’s holdings are stakes in Israel Corp., Zim Shipping, Royal Caribbean International, Dead Sea Works, Israel Chemicals and Mizrahi-Tefahot Bank.

Colleagues said Ofer’s business acumen and management skills set a new standard in Israel for running for-profit companies, helping transform the country’s economy over the last 20 years from one dominated by lackluster government-run companies to a fast-growing market that draws international investment.

“He’s the one who helped bring in huge funds from abroad by buying Israeli companies, investing in Israeli companies and making Israeli companies flourish,” said Shlomo Maoz, chief economist at Excellence Investment, one of Israel’s largest investment houses. “His impact on the economy has been unbelievable.”