Norway's Oil Fund Divests from Israeli Firms Amid Gaza Crisis

Norway's sovereign wealth fund has offloaded investments in 11 Israeli companies due to the Gaza humanitarian crisis. This decision is part of intensifying scrutiny on investments in conflict zones. The fund will manage Israeli investments internally and cut ties with external managers.

In a significant move reflecting growing concerns over the humanitarian situation in Gaza, Norway's sovereign wealth fund has divested its holdings in 11 Israeli companies. The fund, known as the Oil Fund, invests Norway's oil and gas revenues globally.

The decision comes after heightened scrutiny of investments linked to conflict zones, as stated by Nicolai Tangen, CEO of Norges Bank Investment Management. Tangen emphasized that circumstances in Gaza and the West Bank have deteriorated, prompting these strategic changes.

As part of the divestment strategy, the fund will now manage all Israeli investments in-house while severing ties with external managers. This restructure aims to streamline operations and enhance due diligence efforts in complicated markets.

(With inputs from agencies.)