Norway’s sovereign wealth fund sells its shares in 11 Israeli companies
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Norway’s wealth fund cuts ties with Israeli firms over Gaza concerns
Norway’s sovereign wealth fund has sold its shares in 11 Israeli companies, citing the “serious humanitarian crisis” in Gaza as the reason for the move. The announcement was made Monday by Norges Bank Investment Management, which oversees the fund known globally as the Oil Fund. As of the end of the first half of 2025, it held stakes in 61 Israeli companies. Last week, it decided to divest from 11 firms that fall outside the Norwegian Finance Ministry’s equity benchmark index. The fund did not disclose the names of the affected companies.
The announcement was made Monday by Norges Bank Investment Management, which oversees the fund known globally as the Oil Fund.
The fund, which channels Norway’s oil and gas revenues into global investments, confirmed that as of the end of the first half of 2025, it held stakes in 61 Israeli companies. Last week, it decided to divest from 11 firms that fall outside the Norwegian Finance Ministry’s equity benchmark index. The sales were finalized over the past few days.
The fund did not disclose the names of the affected companies.
In addition to the divestment, the Oil Fund is terminating contracts with external managers operating in Israel and will bring all Israeli investments under direct management.
“These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis,” said Nicolai Tangen, CEO of Norges Bank Investment Management, as quoted by AP. “We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence.”
Tangen added that the restructuring “will simplify the management of our investments in this market” and reduce the number of companies monitored by the fund’s ethics council.
The fund’s management also revealed that it began intensifying scrutiny of Israeli investments last fall, resulting in the sale of shares in “several” companies.
Monday’s announcement comes several days after Norway’s Finance Minister Jens Stoltenberg confirmed that the country’s $2 trillion sovereign wealth fund will make adjustments to its handling of Israeli investments.
The review was prompted by reports indicating that the fund had invested in Bet Shemesh Engines Ltd., an Israeli jet engine company that provides maintenance services to Israel’s armed forces, including its fighter jets.
Despite calls from some parliamentarians, Norway’s legislature voted in June against a proposal to divest from all companies operating in what it refers to as “occupied Palestinian territories.”
The fund, guided by ethical principles set by the Norwegian parliament, has already blacklisted 11 companies for assisting Israel’s “occupation,” most recently Israeli petrol station chain Paz and Israeli telecommunications company Bezeq .
Norway, together with Ireland and Spain announced last May that they intended to recognize the “State of Palestine”.
Gaza war prompts Norway’s oil fund to sell off Israeli shares
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World’s largest wealth fund rolls back Israeli investments over West Bank, Gaza concerns
Norway’s $2 trillion sovereign wealth fund says it is divesting itself of 11 Israeli companies. The 11 are not included in an equity benchmark index created by Norway’s Finance Ministry. The fund said the 11 were excluded “due to unacceptable risk of contribution to serious norm violations associated with business operations in the West Bank.” The fund also said that all investments in Israeli companies managed by external managers would be moved in-house. The Norwegian PM had asked Finance Minister Jens Stoltenberg for a review of the fund’s investments in Israel. The wealth fund, also known as the oil fund, is fueled by vast revenue from the country’s energy exports. It is the largest in the world with a value of around $1.9 trillion, with investments spanning the globe. It was reported last week that the fund had invested in Israeli Bet Shemesh Engines Holdings, which makes parts for engines in Israeli fighter jets.
“We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence,” the fund’s CEO Nicolai Tangen said in a statement.
Norges Bank Investment Management, the body managing the fund, said it is divesting itself of 11 Israeli companies, out of 61, which are not included in an equity benchmark index created by Norway’s Finance Ministry.
The fund said the 11 were excluded “due to unacceptable risk of contribution to serious norm violations associated with business operations in the West Bank.”
Going forward, “the fund’s investments in Israel will now be limited to companies that are in the equity benchmark index,” it said.
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The statement noted that it has raised issues with 39 companies since 2020 over concerns pertaining to the West Bank and Gaza, marking the majority of its due diligence related to conflicts around the globe.
It said that monitoring Israeli companies was intensified in the autumn of 2024, and that, “as a result, we have sold our investments in several Israeli companies.”
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.”
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In addition, NBIM said Norway’s 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.
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 largest 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, which was sparked by Hamas’s October 7, 2023, massacre of southern communities.
The revelations led Norway’s Prime Minister Jonas Gahr Store to ask Finance Minister Jens Stoltenberg for a review.
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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.
In the last year, the fund sold its stakes in an Israeli 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 West Bank and Gaza.
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.”
Norway Wealth Fund Sells Stakes in 11 Israeli Firms Over Gaza Crisis
Norway Wealth Fund Sells Stakes in 11 Israeli Firms Over Gaza Crisis. The decision follows the worsening humanitarian crisis in Gaza and aims to streamline investment oversight. The fund will also terminate contracts with external Israeli investment managers. All Israeli investments will now be managed in-house by Norges Bank Investment Management (NBIM) NBIM announced that all remaining Israeli company holdings previously managed by external partners will be brought in-houses. The divestment comes amid an escalating conflict in Gaza, where conflict of months have led to severe civilian hardship and concern. The move signals a proactive stance in investing in volatile situations, which Norway has long portrayed itself as a leader in on ethical issues. The $1.6 trillion fund, managed by Norge Bank Investmentmanagement, confirmed Monday that the sales were completed over recent days. The names of the 11 companies sold were not disclosed. The action follows intensified scrutiny of Israeli holdings that began in late 2024. That earlier review led to the sale of shares in “several” Israeli firms deemed inconsistent with the fund’s ethical standards.
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister’s office in Jerusalem, Sunday, Aug. 10, 2025. (Abir Sultan/Pool Photo via AP)
Norway Oil Fund Divestment Quick Looks
Fund Size: $1.6 trillion, sourced from Norway’s oil and gas revenues.
$1.6 trillion, sourced from Norway’s oil and gas revenues. Action: Sold shares in 11 Israeli companies last week.
Sold shares in last week. Reason: “Serious humanitarian crisis” in Gaza.
“Serious humanitarian crisis” in Gaza. Scope: Fund had stakes in 61 Israeli firms as of mid-2025.
Fund had stakes in as of mid-2025. Details: Companies sold were not in Norway’s Finance Ministry benchmark index.
Companies sold were in Norway’s Finance Ministry benchmark index. Management Change: All Israeli investments will now be managed in-house.
All Israeli investments will now be managed in-house. Contracts: Terminating agreements with external Israeli fund managers.
Terminating agreements with external Israeli fund managers. CEO Statement: Nicolai Tangen says move simplifies oversight and reduces ethics monitoring burden.
Nicolai Tangen says move simplifies oversight and reduces ethics monitoring burden. Background: Fund intensified scrutiny of Israeli holdings in late 2024, selling several stakes.
Fund intensified scrutiny of Israeli holdings in late 2024, selling several stakes. Global Reach: Fund owns ~1.5% of all global listed shares in ~9,000 companies.
Palestinians pray over the bodies of journalists, including Al Jazeera correspondents Anas al-Sharif and Mohamed Qreiqeh, who were killed in an Israeli airstrike, during their funeral outside Gaza City’s Shifa hospital complex, Monday, Aug. 11, 2025. (AP Photo/Jehad Alshrafi)
Norway Wealth Fund Sells Stakes in 11 Israeli Firms Over Gaza Crisis
Deep Look
Norway’s massive sovereign wealth vehicle, the Government Pension Fund Global — commonly called the Oil Fund — has divested from 11 Israeli companies, citing the worsening humanitarian situation in Gaza.
The $1.6 trillion fund, managed by Norges Bank Investment Management (NBIM), confirmed Monday that the sales were completed over recent days. CEO Nicolai Tangen said the decision was made last week to exit positions in firms outside the Norwegian Finance Ministry’s equity benchmark index.
“These measures were taken in response to extraordinary circumstances,” Tangen said. “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. In response, we will further strengthen our due diligence.”
Strategic Shift in Management
Alongside the divestment, NBIM announced that all remaining Israeli company holdings previously managed by external partners will be brought in-house. Contracts with external managers in Israel are being terminated. Tangen explained that centralizing management would simplify oversight and reduce the number of companies that the fund’s Council on Ethics must monitor for compliance with its investment guidelines.
While NBIM did not disclose the names of the 11 companies sold, it emphasized that this action follows intensified scrutiny of Israeli holdings that began in late 2024. That earlier review led to the sale of shares in “several” Israeli firms deemed inconsistent with the fund’s ethical standards.
Ethics and Global Reach
The Oil Fund, built on profits from Norway’s offshore oil and gas production, is one of the world’s largest institutional investors. It holds stakes in about 9,000 companies worldwide, amounting to roughly 1.5% of all publicly listed shares globally.
Norway’s Finance Ministry sets the fund’s benchmark index and overall investment mandate, but NBIM has discretion to manage holdings within that framework. The Council on Ethics advises on exclusions or observations of companies based on criteria such as human rights violations, environmental harm, and corruption.
Context: Gaza and Market Oversight
The divestment comes amid an escalating humanitarian crisis in Gaza, where months of conflict have led to severe civilian hardship and international concern. For Norway’s fund, which has long portrayed itself as a leader in ethical investing, the move signals a proactive stance in volatile geopolitical situations.
By focusing only on benchmark-index companies in Israel and bringing all management in-house, NBIM says it will improve its ability to monitor compliance, assess risk, and uphold Norway’s ethical investment principles.
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