Norway Sovereign Wealth Fund Sells Stakes in 11 Israeli Companies Over Gaza War

Norway’s sovereign wealth fund, the world's largest with assets of around $1.9 trillion, announced it is liquidating its holdings in 11 Israeli companies due to ethical concerns related to the war in Gaza and worsening conditions in the West Bank. The decision followed revelations that the fund had invested in Bet Shemesh Engines Holdings, an Israeli company manufacturing parts for fighter jet engines, with the fund increasing its stake after the Israeli offensive in Gaza began. Nicolai Tangen, CEO of Norges Bank Investment Management which manages the fund, described the move as a response to extraordinary circumstances and a serious humanitarian crisis. The fund has investments in 61 Israeli companies but will now restrict its holdings to those listed on its equity benchmark index and bring all Israeli investments managed by external asset managers in-house. The announcement prompted Prime Minister Jonas Gahr Støre to request a review from the Finance Minister Jens Stoltenberg, emphasizing the ethical challenges of investing in companies operating in a country at war. Norges Bank Investment Management has long engaged with companies linked to conflict and plans to intensify monitoring of Israeli firms amid ongoing tensions.