Oslo, MINA – Norway’s $2 trillion sovereign wealth fund, the world’s largest, has divested from 11 Israeli companies and is reviewing more holdings in response to what it calls “extraordinary circumstances” surrounding the Gaza genocide, according to Al Jazeera.
The fund, managed by Norges Bank Investment Management, said Monday it has also terminated contracts with asset managers handling its Israeli investments. The move follows an urgent review launched after media revealed the fund held shares in Bet Shemesh Engines Ltd, which services Israeli fighter jets used in Gaza.
As of June 30, the fund held stakes in 61 Israeli firms. “We have now completely sold out of these positions,” the fund said, adding it continues to assess other Israeli companies for potential divestment.
CEO Nicolai Tangen described the situation in Gaza as a “serious humanitarian crisis” and said due diligence procedures will be strengthened. “We are invested in companies operating in a country at war, and conditions in the West Bank and Gaza have worsened,” he said.
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Norwegian Prime Minister Jonas Gahr Store had earlier called the investment “worrying.” The sovereign fund, with holdings in 8,700 companies worldwide, has previously sold shares in an Israeli energy firm and telecommunications group.
The decision aligns with moves by several major European financial institutions reducing exposure to Israeli firms amid rising pressure from activists and governments to halt the Gaza genocide.[]
Mi’raj News Agency (MINA)
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