The world’s largest sovereign wealth fund is to sell its stakes in nearly a dozen Israeli companies citing an “unacceptable risk of contribution to serious norm violations associated with business operations in the West Bank”.
Norway's $2 trillion (£1.5 trillion) fund has announced it will sell investments in 11 Israel-based firms and terminate all contracts with Israeli asset managers.
“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.
Last week Norwegian newspaper Aftenposten reported the fund had a stake in Bet Shemesh Engines Holdings, which makes parts for engines used in Israeli fighter jets. The fund reportedly increased its investment in the firm post-October 7 and continued to retain that investment.
