Norway’s $2 Trillion Wealth Fund May Sell More Israeli Investments Amid Gaza Conflict
Norway’s $2 trillion sovereign wealth fund, the biggest in the world, said Tuesday it may sell shares in more Israeli companies as it reviews its investments due to the ongoing crisis in Gaza and the West Bank.
Recent sales
The statement came a day after the fund revealed it had ended contracts with some outside managers who handled Israeli investments. It also said it had already sold some of its Israeli holdings because of the worsening humanitarian situation in Gaza.
The review started last week after news reports showed the fund had bought a little over 2% of Bet Shemesh Engines Ltd (BSEL), an Israeli jet engine maker that works with the country’s military, including servicing fighter jets. On Tuesday, the fund confirmed it had now sold that stake.
Norges Bank Investment Management (NBIM), which runs the fund, owned shares in 61 Israeli companies as of June 30. It said it has sold its stake in 11 of them in recent days.
“We expect to sell shares in more companies,” NBIM CEO Nicolai Tangen told reporters.
Tangen said the fund first invested in BSEL in November 2023—about a month after the Gaza war began—through an unnamed outside manager. Since then, NBIM met with the company every quarter but never discussed the war, only its U.S. business.
The fund first rated BSEL as a “medium risk” investment in terms of ethics, but raised it to “high risk” in May. “We should have made that change faster,” Tangen said.
Financial results
The fund invests Norway’s oil and gas income around the world. It owns about 1.5% of all listed stocks worldwide, plus bonds, real estate, and renewable energy projects.
In the first half of this year, it made a $68.28 billion profit, a 5.7% return, mainly thanks to strong stock market gains in the financial sector.
Published: 13th August 2025
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