The Norwegian government has ordered its sovereign wealth fund to review all investments in Israel after a report about its stake in an Israeli company linked to the war in Gaza caused a public outcry.
Finance Minister Jens Stoltenberg, who oversees the $1.9 trillion wealth fund, told reporters in Oslo on Tuesday he “understands people are asking questions” about how closely the fund is following its ethical guidelines, which exclude companies that contribute to serious abuses of human rights, including war crimes.
The former head of Nato said he will ask the fund and its external ethics adviser for a “renewed review into the fund’s investments in Israeli companies”.
“The purpose is to ensure that the fund is not invested in companies that contribute to the illegal occupation of the West Bank and the war in Gaza,” he said in a statement.
The fund’s investment in the Bet Shemesh Engines is worrying, Norwegian Prime Minister Jonas Gahr Store told broadcaster NRK. “We must get clarification on this because reading about it makes me uneasy,” he said said.
A report by the Aftenposten said Norway’s wealth fund had holdings in the company, which the newspaper said is servicing fighter jets used in the attacks in Gaza.
Pressure on the fund — the world’s largest — from activists and members of parliament has grown steadily since the start of Israel’s war against Hamas in October 2023. Officially known as the Norges Bank Investment Management, the fund holds about 1.5 per cent of all listed equities globally.
It sold its stakes in an Israeli energy company and a telecoms group in the past year, and its ethics council has said it is reviewing whether to recommend divesting holdings in five banks. It owns stakes in 8,700 companies worldwide, and as of the end of last year, the investments in 65 Israeli companies totalled about $2.1 billion.
The fund, which has previously excluded companies due to their links to Israel’s occupation of the West Bank, started investing in Bet Shemesh Engines in 2023. It increased its holdings to 2.1 per cent in 2024 from 1.3 per cent in 2023, according to NBIM figures.
In May, the Norwegian Confederation of Trade Unions voted unanimously to adopt a resolution to boycott Israel and calling on the Norwegian government to divest funds from companies that support the country.
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UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
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MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
RESULTS
Bantamweight title:
Vinicius de Oliveira (BRA) bt Xavier Alaoui (MAR)
(KO round 2)
Catchweight 68kg:
Sean Soriano (USA) bt Noad Lahat (ISR)
(TKO round 1)
Middleweight:
Denis Tiuliulin (RUS) bt Juscelino Ferreira (BRA)
(TKO round 1)
Lightweight:
Anas Siraj Mounir (MAR) bt Joachim Tollefsen (DEN)
(Unanimous decision)
Catchweight 68kg:
Austin Arnett (USA) bt Daniel Vega (MEX)
(TKO round 3)
Lightweight:
Carrington Banks (USA) bt Marcio Andrade (BRA)
(Unanimous decision)
Catchweight 58kg:
Corinne Laframboise (CAN) bt Malin Hermansson (SWE)
(Submission round 2)
Bantamweight:
Jalal Al Daaja (CAN) bt Juares Dea (CMR)
(Split decision)
Middleweight:
Mohamad Osseili (LEB) bt Ivan Slynko (UKR)
(TKO round 1)
Featherweight:
Tarun Grigoryan (ARM) bt Islam Makhamadjanov (UZB)
(Unanimous decision)
Catchweight 54kg:
Mariagiovanna Vai (ITA) bt Daniella Shutov (ISR)
(Submission round 1)
Middleweight:
Joan Arastey (ESP) bt Omran Chaaban (LEB)
(Unanimous decision)
Welterweight:
Bruno Carvalho (POR) bt Souhil Tahiri (ALG)
(TKO)
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Date started: March 2019
Founder: Dr Ali Al Hammadi
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Sector: AgriTech
Initial investment: None to date
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Penguin Press
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Engine: twin-turbocharged 3.5-liter V6
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
MATCH INFO
Newcastle United 2 (Willems 25′, Shelvey 88′)
Manchester City 2 (Sterling 22′, De Bruyne 82′)
