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Kuwait Times
13 hours ago
- Business
- Kuwait Times
Norway fund drops investments in 11 Zionist entity companies
Decision 'in response to extraordinary circumstances' in Gaza OSLO: Norway's sovereign wealth fund, the world's largest, said Monday that it was selling its investments in 11 Zionist entity companies, following reports it had invested in a Zionist jet engine maker even as the war in Gaza raged. The announcement follows an urgent review launched last week following media reports that the fund had built a stake in a Zionist jet engine group that provides services to Zionist entity's armed forces, including the maintenance of fighter jets. 'All investments in Zionist companies that have been managed by external managers will be moved in-house and managed internally,' the fund said. Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said the decision was taken 'in response to extraordinary circumstances'. 'The situation in Gaza is a serious humanitarian crisis. We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened,' Tangen said in a statement. Norway's wealth fund, also known as the oil fund as it is fuelled by vast revenue from the country's energy exports, is the biggest in the world with a value of around $1.9 trillion, with investments spanning the globe. Last week, Norwegian newspaper Aftenposten reported that the fund had invested Zionist entity's Bet Shemesh Engines Holdings, which makes parts for engines used in Zionist fighter jets. Tangen later confirmed the reports, and said the fund had increased its stake after the Zionist offensive in Gaza began. The revelations led Prime Minister Jonas Gahr Store to ask Finance Minister and former NATO secretary general Jens Stoltenberg for a review. NBIM said it had investments in 61 Zionist companies at the end of the first six months of this year, 11 of which were not in its 'equity benchmark index'—which is set by the finance ministry and used to gauge the wealth fund's performance. In a statement, it added that it had decided last week that 'all investments in Zionist companies that are not in the equity benchmark index will be sold as soon as possible'. The fund also said that it had 'long paid particular attention to companies associated with war and conflict'. 'Since 2020, we have been in contact with more than 60 companies to raise this issue. Of these, 39 dialogues were related to the West Bank and Gaza,' NBIM said. It said that monitoring of Zionist entity companies had been intensified in the autumn of 2024, and that 'as a result, we have sold our investments in several Zionist companies'. 'We have now completely sold out of these positions,' the fund said, adding that it continued to review Zionist entity companies for potential divestments. The review will also lead to improved due diligence, it added. The fund, which owns stakes in 8,700 companies worldwide, held shares in 65 Zionist companies at the end of 2024, valued at $1.95 billion, its records show. In the last year it sold its stakes in a Zionist entity energy company and a telecoms group over ethics concerns, and its ethics watchdog has said it is reviewing whether to divest holdings in five banks. Norway's parliament in June rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territories. – Agencies
Local Norway
15 hours ago
- Business
- Local Norway
Norway's strengthened krone causes sovereign wealth fund to shrink
Fuelled by revenue from the oil-rich country's energy exports, the fund is valued at around $1.9 trillion, with investments in more than 8,600 companies spanning the globe. "The result is driven by good returns in the stock market, particularly in the financial sector," Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said in a statement. For equity investments, the return was 6.7 percent, the fund said. However, the value of the fund still fell by 156 billion kroner ($15.2 billion) in the same period, as the krone appreciated against main currencies. READ ALSO: Why Norway's krone has strengthened against the US dollar On Monday, the fund announced it had sold off its holdings in 11 Israeli firms and that it was terminating contracts with external managers in Israel, as well as changing its guidelines for which Israeli companies it could invest in. Advertisement The move followed a report by newspaper Aftenposten that the fund had invested in Israel's Bet Shemesh Engines, which makes engine parts used in Israeli fighter jets, even as the war in Gaza raged. The news prompted Norway's prime minister to ask for a review of the Israeli investments. Tangen confirmed Tuesday that Bet Shemesh was one of the companies that had been sold off, and that the fund expected "to divest from more companies".
Local Norway
a day ago
- Business
- Local Norway
Norway sovereign fund drops investments in 11 Israeli companies
Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said the decision was taken "in response to extraordinary circumstances". "The situation in Gaza is a serious humanitarian crisis. We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened," Tangen said in a statement. Norway's wealth fund, also known as the oil fund as it is fuelled by vast revenue from the country's energy exports, is the biggest in the world with a value of around $1.9 trillion, with investments spanning the globe. Last week, Norwegian newspaper Aftenposten reported that the fund had invested in Israeli Bet Shemesh Engines Holdings, which makes parts for engines used in Israeli fighter jets. Tangen later confirmed the reports, and said the fund had increased its stake after the Israeli offensive in Gaza began. The revelations led Prime Minister Jonas Gahr Støre to ask Finance Minister and former NATO secretary general Jens Stoltenberg for a review. Advertisement NBIM said it had investments in 61 Israeli companies at the end of the first six months of this year, 11 of which were not in its "equity benchmark index" -- which is set by the finance ministry and used to gauge the wealth fund's performance. In a statement, it added that it had decided last week that "all investments in Israeli companies that are not in the equity benchmark index will be sold as soon as possible". The fund also said that it had "long paid particular attention to companies associated with war and conflict". "Since 2020, we have been in contact with more than 60 companies to raise this issue. Of these, 39 dialogues were related to the West Bank and Gaza," NBIM said. It said that monitoring of Israeli companies had been intensified in the autumn of 2024, and that "as a result, we have sold our investments in several Israeli companies".
Morocco World
a day ago
- Business
- Morocco World
Norway Reviews $2 Trillion Fund's Israeli Investments Linked to Gaza Genocide
Norway's government has ordered its $2 trillion sovereign wealth fund, the largest in the world, to reassess every investment it holds in Israeli companies after revelations that some of them are directly tied to their genocidal campaign in Gaza. The decision follows reports in Norwegian daily Aftenposten that Bet Shemesh Engines, an Israeli manufacturer of aircraft components, supports fighter jets used in the relentless bombardment of Gaza. For months, those airstrikes have reduced entire neighborhoods to rubble and claimed tens of thousands of Palestinian lives. Public outrage matters Foreign Minister Espen Barth Eide, who oversees the management of the sovereign wealth fund, said the government cannot ignore public outrage over the possibility that Norwegian money finances war crimes. 'Our guidelines forbid investment in companies that take part in serious violations of human rights,' he told reporters in Oslo. 'When allegations point to direct involvement in ongoing military aggression, people have every right to demand answers.' Prime Minister Jonas Gahr Støre voiced alarm over the revelations, describing himself as 'deeply concerned' about the fund's stake in Bet Shemesh Engines. Investigations show the company plays a role in maintaining and supplying key parts for Israeli fighter jets that have been central to the genocidal air campaign against Gaza. This would not mark the first time Norway cuts financial ties with Israeli firms over their role in the genocide. Last May, the fund pulled out of Baz, an Israeli energy company, after determining it operated inside Palestinian land under Israeli control. The move was described as a refusal to bankroll activities in territories seized in violation of international law. Norway's latest step comes amid a broader shift in Europe, where pressure grows to sever economic links to Israel's war machine. The situation in Palestine worsens daily. Gaza's Health Ministry reports that Israeli attacks in the past 24 hours have killed 68 people and injured 326. Tags: Gazagaza genocidenorwayWar on Gaza
Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
Norway sovereign fund drops investments in 11 Israeli companies - International
Norway's sovereign wealth fund, the world's largest, said Monday that it was selling its investments in 11 Israeli companies, following reports it had invested in an Israeli jet engine maker even as the war in Gaza raged. Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said the decision was taken "in response to extraordinary circumstances". "The situation in Gaza is a serious humanitarian crisis. We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened," Tangen said in a statement. Norway's wealth fund, also known as the oil fund as it is fuelled by vast revenue from the country's energy exports, is the biggest in the world with a value of around $1.9 trillion, with investments spanning the globe. Last week, Norwegian newspaper Aftenposten reported that the fund had invested in Israeli Bet Shemesh Engines Holdings, which makes parts for engines used in Israeli fighter jets. Tangen later confirmed the reports, and said the fund had increased its stake after the Israeli offensive in Gaza began. The revelations led Prime Minister Jonas Gahr Store to ask Finance Minister and former NATO secretary general Jens Stoltenberg for a review. NBIM said it had investments in 61 Israeli companies at the end of the first six months of this year, 11 of which were not in its "equity benchmark index" -- which is set by the finance ministry and used to gauge the wealth fund's performance. In a statement, it added that it had decided last week that "all investments in Israeli companies that are not in the equity benchmark index will be sold as soon as possible". The fund also said that it had "long paid particular attention to companies associated with war and conflict". "Since 2020, we have been in contact with more than 60 companies to raise this issue. Of these, 39 dialogues were related to the West Bank and Gaza," NBIM said. It said that monitoring of Israeli companies had been intensified in the autumn of 2024, and that "as a result, we have sold our investments in several Israeli companies". Follow us on: Facebook Instagram Whatsapp Short link:
