Newsletters
Norway’s $2 trillion sovereign wealth fund, Norges Bank Investment Management (NBIM), announced Monday that it has sold its stakes in 11 Israeli companies and terminated all contracts with external portfolio managers based in Israel, citing the deepening humanitarian crisis in Gaza.
The divestment follows a request from Norway’s Finance Ministry to review the fund’s Israeli holdings and propose further measures if necessary.
NBIM said that as of June 30, it had stakes in 61 Israeli companies, with 11 outside the ministry’s designated equity benchmark index.
“All investments in Israeli companies outside the benchmark index have now been sold,” the fund stated, noting that the sales were carried out “as quickly as possible” following the ministry’s instruction.
The fund confirmed it will end all relationships with Israel-based external portfolio managers, transferring those investments to internal management. Future holdings will be limited to companies within the official benchmark index, though NBIM stressed it will not invest in every firm listed there.
"Recent days have been spent selling positions in Israeli companies outside the index, and we are now fully out of those holdings," the statement said.
According to the fund's country-based investment data, the total value of investments in the 11 Israeli companies it divested amounted to $143 million.
Following these sales, the value of the fund’s Israeli portfolio fell to $2.09 billion.
The firms removed from the portfolio include Amos Luzon, Azorim, Bet Shemesh, Delek Automotive, El Israel Airlines, Energix, Etoro Group, Max Stock, Meshulam Levinstein, Perion Network, Priortech, Rami Levy Chain Stores, Reit, Retailors, Scope Metals, Sella Capital, and Turpaz Industries.
NBIM CEO Nicolai Tangen described the move as a response to “extraordinary circumstances,” pointing to the worsening humanitarian situation in Gaza and deteriorating conditions in the West Bank.
"Gaza is facing a severe humanitarian crisis. We have investments in companies operating in a country at war, and conditions in the West Bank and Gaza have worsened in recent months," Tangen said.
According to the fund, the shift will also allow for stronger due diligence procedures in conflict-affected regions. The number of companies requiring active monitoring will be reduced, streamlining the work of both NBIM and Norway’s Council on Ethics, which evaluates whether holdings comply with the fund’s ethical guidelines.
“These measures will simplify the management of our investments in this market and reduce the number of companies monitored by us and the Ethics Council,” Tangen said.
International condemnation of Israel has intensified over its military offensive in Gaza, which has claimed the lives of nearly 61,500 people since October 2023.
In recent months, Gaza’s humanitarian crisis has deepened, with the U.N.’s humanitarian office accusing Israel of using starvation as “a weapon of war” amid aid blockades and widespread hunger.
In November, the International Criminal Court issued arrest warrants for Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant, accusing them of war crimes and crimes against humanity in the territory.
Separately, proceedings are underway at the International Court of Justice, where Israel is defending itself against allegations of genocide over its actions in Gaza.
1 min read
3 min read
