Norway drops investments in 11 “Israeli” companies over Gaza war
Norway's sovereign wealth fund, the largest in the world, announced Monday it has sold its investments in 11 “Israeli” companies. The move comes after the fund was revealed to have invested in an “Israeli” firm that manufactures jet engine parts, as the war in Gaza intensifies.
"These measures were taken in response to exceptional circumstances. The situation in Gaza represents a serious humanitarian crisis," said Nicolai Tangen, CEO of Norges Bank Investment Management, which runs the fund.
"We are investing in companies operating in a country at war, and recently, conditions in the West Bank and Gaza have worsened."
The Norwegian fund, also dubbed as the “oil fund” for its massive energy export revenues, is valued at approximately $1.9 trillion with investments spanning the globe.
Last week, the Norwegian newspaper Aftenposten reported that the fund had invested in the “Israeli” company Bet Shemesh Engines, which manufactures parts for “Israeli” fighter jet engines.
Tangen later confirmed these reports and said the fund had increased its stake after “Israel's” aggression on Gaza began.
The information prompted Prime Minister Jonas Gahr Støre to ask Finance Minister Jens Stoltenberg to conduct a review.
The fund reported that it held investments in 61 “Israeli” companies at the end of the first six months of this year. Of those, 11 were not listed on its benchmark stock index, which is set by the Finance Ministry and used to measure the fund's performance.
In a statement, the fund said it decided last week to "sell all its investments in Israeli companies not listed on the benchmark stock index as soon as possible."
It added that it has "long paid special attention to companies linked to war and conflict."
"Since 2020, we have engaged with more than 60 companies to raise this issue. Of these dialogues, 39 relate to the West Bank and Gaza," the statement said.
It noted that monitoring of “Israeli” companies intensified in the fall of 2024, and "as a result, we sold our investments in several Israeli companies."
