Norway's Sovereign Wealth Fund to Divest Further from Israeli Companies Amid Gaza Crisis

Norway's $2 trillion sovereign wealth fund plans to withdraw investments from more Israeli companies due to the ongoing humanitarian crisis in Gaza and the West Bank. This decision follows the divestment of shares in Bet Shemesh Engines Ltd, a company linked with Israel's military. Norges Bank Investment Management aims for tighter investment oversight.

Norway's sovereign wealth fund, valued at $2 trillion and the largest in the world, has announced intentions to divest from additional Israeli companies due to the humanitarian crises unfolding in Gaza and the West Bank.

The divestment follows the sell-off of shares in Bet Shemesh Engines Ltd, a firm tied to Israel's military operations. Overseeing the fund is Norges Bank Investment Management, which manages stakes previously held in 61 Israeli firms, recently parting with 11.

The fund, although generating significant returns, stresses the need for tighter controls on its investments in conflict zones. A profit of 698 billion Norwegian crowns underscores the fund's robust performance, driven by gains in the stock market, primarily in the financial sector.

(With inputs from agencies.)