World's Largest Wealth Fund Cuts Israel Investments

Norway's $2 trillion fund is divesting from 11 of 61 Israeli firms and reviewing other investments; the Norwegian finance minister commends its prompt action. 

Norway's $2 trillion sovereign wealth fund, the world's largest, has decided to withdraw investments from certain Israeli companies and end contracts with Israeli asset managers. 

This move is due to the current situation in Gaza and the West Bank.

The newspaper, The Aftenposten, disclosed that the fund invested in Bet Shemesh Engines, an Israeli company specializing in the production of components for fighter jet engines. 

Aftenposten is Norway's biggest printed newspaper by circulation.

The fund maintains holdings in 61 Israeli companies, predominantly those included within its benchmark index. However, 11 of these companies are unlisted and fall outside the index parameters.

Under public pressure, the fund's management announced last week that it would quickly sell all "off-benchmark" holdings in Israeli companies.

The Norwegian oil fund has previously divested from companies in Israel. 

Last May, it sold all its shares in Paz Oil after deciding the company supplied fuel to settlements in Judea and Samaria.

The report accuses certain companies, including arms makers, tech giants, machinery firms, and financial institutions, of being "complicit" in Israel's oppression of Palestinians, highlighting their support for Israeli expansions on occupied land and involvement in surveillance and killings.