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Time of India
26 minutes ago
- Business
- Time of India
Norway-Israel investment exit: World's biggest wealth fund pulls out of 11 firms over Gaza war concerns, cites ‘extraordinary circumstances'
Norway's sovereign wealth fund — the world's largest — has announced the sale of its holdings in 11 Israeli companies, citing the worsening humanitarian crisis in Gaza and the broader conflict in the region. Tired of too many ads? go ad free now Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said the decision was taken 'in response to extraordinary circumstances', AFP reported. '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. Known as the oil fund due to its revenue source from Norway's vast energy exports, the sovereign fund is valued at around $1.9 trillion and has investments spread across the globe. The move comes days after Norwegian daily Aftenposten reported that the fund had invested in Israeli Bet Shemesh Engines Holdings, a manufacturer of parts for engines used in Israeli fighter jets. Tangen later confirmed the reports, noting that the stake in the company had even increased after the Gaza offensive began. Following the revelations, Prime Minister Jonas Gahr Store asked Finance Minister and former Nato secretary general Jens Stoltenberg to review the matter. NBIM disclosed that at the end of the first half of 2025, it held investments in 61 Israeli companies, of which 11 were not part of its 'equity benchmark index' — a reference portfolio set by Norway's finance ministry to measure the fund's performance. The wealth fund said it decided last week to sell all such off-benchmark holdings in Israeli firms 'as soon as possible'. It also stressed that it has 'long paid particular attention to companies associated with war and conflict', noting that since 2020 it has engaged with over 60 companies on such issues, including 39 linked to the West Bank and Gaza. Monitoring of Israeli firms was stepped up in autumn 2024, NBIM said, and has already led to divestments from several companies.
Nahar Net
2 hours ago
- Business
- Nahar Net
Norway sovereign fund drops investments in 11 Israeli companies
by Naharnet Newsdesk 11 August 2025, 19:23 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 fueled 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."
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First Post
2 hours ago
- Business
- First Post
Norway's $1.9 trillion wealth fund dumps 11 Israeli companies over ethical guidelines amid Gaza war
Norway's $1.9 trillion sovereign wealth fund is liquidating its holdings in 11 Israeli companies, citing ethical concerns over the war in Gaza. The decision follows revelations about its investment in a jet engine maker supplying parts for Israeli fighter planes. read more Nicolai Tangen, the CEO of Norges Bank Investment Management, the operator of Norway's sovereign wealth fund, in Oslo, Norway. Reuters Norway's sovereign wealth fund said on Monday that it was liquidating its assets in 11 Israeli companies, following accusations that it had invested in an Israeli jet engine maker while the war in Gaza was ongoing. Nicolai Tangen, the chief of Norges Bank Investment Management (NBIM), which runs the fund, stated that the decision was made 'in response to extraordinary circumstances'. In a statement, Tangen, '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.' STORY CONTINUES BELOW THIS AD He stated that the decision would lower the number of Israeli firms that the fund's Council of Ethics had to monitor. Norway's wealth fund, also known as the oil fund since it is funded by massive revenues from the country's energy exports, is the world's largest, worth over $1.9 trillion, with investment in over 8,600 companies throughout the world. The Norwegian newspaper Aftenposten revealed last week that the fund had invested in Israeli Bet Shemesh Engines Holdings, which manufactures engine parts for Israeli fighter planes. Tangen later corroborated the claims, stating that the fund boosted its holding after the Israeli war in Gaza had started. 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. NBIM 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'. Ethical guidelines Going forward, 'the fund's investments in Israel will now be limited to companies that are in the equity benchmark index,' it said. STORY CONTINUES BELOW THIS AD NBIM also said that all investments in Israeli companies managed by external managers would be moved in-house, and that it was 'terminating contracts with external managers in Israel'. In addition, NBIM said the finance ministry had asked it to review 'its investments in Israeli companies, and to propose new measures that it deems necessary'. It said it initiated the review and would present its findings before an August 20 deadline. 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'. Speaking at a press conference later Monday, Stoltenberg said he was glad Norges Bank had 'acted quickly'. STORY CONTINUES BELOW THIS AD 'The fund's ethical guidelines stipulate that it shall not invest in companies that contribute to violations of international law by states,' he told reporters. 'Therefore, the pension fund should not hold shares in companies that contribute to Israel's warfare in Gaza or the occupation of the West Bank,' he said. Also on Monday, Norwegian pension fund KLP said it had excluded Israeli company NextVision Stabilized Systems 'from its investments because the company supplies key components for military drones used in the war in Gaza'.
Arab News
2 hours ago
- Business
- Arab News
Norway sovereign wealth fund drops investments in 11 Israeli firms
OSLO: Norway's sovereign wealth fund 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. He said the move would reduce the number of Israeli companies the fund's Council of Ethics needed to supervise. Norway's wealth fund is the biggest in the world with a value of around $1.9 trillion, with investments in more than 8,600 companies 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. NBIM 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.' Going forward, 'the fund's investments in Israel will now be limited to companies that are in the equity benchmark index,' it said. NBIM also said that all investments in Israeli companies managed by external managers would be moved in-house, and that it was 'terminating contracts with external managers in Israel.' In addition, NBIM said the finance ministry had asked it to review 'its investments in Israeli companies, and to propose new measures that it deems necessary.' It said it initiated the review and would present its findings before an August 20 deadline. 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.' Speaking at a press conference later Monday, Stoltenberg said he was glad Norges Bank had 'acted quickly.' 'The fund's ethical guidelines stipulate that it shall not invest in companies that contribute to violations of international law by states,' he told reporters. 'Therefore, the pension fund should not hold shares in companies that contribute to Israel's warfare in Gaza or the occupation of the West Bank,' he said. Also on Monday, Norwegian pension fund KLP said it had excluded Israeli company NextVision Stabilized Systems 'from its investments because the company supplies key components for military drones used in the war in Gaza.'
Al-Ahram Weekly
2 hours 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:
