Norway wealth fund divests from several Israeli companies due to Gaza war
Summary
Norway's $2 trillion sovereign wealth fund is ending contracts with asset managers overseeing its Israeli investments and has sold off parts of its holdings in Israeli companies. This decision followed a review sparked by reports that the fund had invested in firms supplying Israel's military during the conflict in Gaza. The fund's management stated their actions were necessary due to the ongoing humanitarian crisis in Gaza.Key Facts
- Norway's sovereign wealth fund manages $2 trillion and is the largest in the world.
- The fund divested from 11 out of 61 Israeli companies it was invested in as of June 30.
- The fund decided to sell these stakes because of concerns over the humanitarian situation in Gaza.
- The fund regularly monitors company activities in conflict zones and considers human rights.
- The decision followed media reports about the fund's stake in an Israeli jet engine firm linked to military activities.
- Norway's largest pension fund also cut ties with companies doing business with Israel earlier in the year.
- Norway’s move follows pressure on European financial firms to reduce business with Israeli companies amid the Gaza conflict.
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