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. 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.
