STORY: Norway’s $2 trillion sovereign wealth fund, the world’s largest, said on Tuesday (August 12) it expects to divest from more Israeli companies.
It’s part of its ongoing review of investments in the country over the situation in Gaza and the West Bank.
The fund is terminating contracts with external asset managers handling some of its Israeli investments.
And has divested parts of its portfolio in the country over the worsening humanitarian crisis in Gaza.
NBIM CEO Nicolai Tangen told a press conference that they should have had a tighter overview of these investments earlier.
“We are self-critical on this and see that in this special situation, when it comes to a country that is at war, we should have taken control back, so we should have terminated those relationships earlier, so it is something we are addressing as we have said before.”
The review began last week following media reports that the fund had built a stake of just over 2% in an Israeli jet engine group.
Bet Shemesh Engines Ltd provides services to Israel’s armed forces, including the maintenance of fighter jets.
The fund announced on Tuesday that the stake in the company has now been sold.
Bet Shemesh did not respond to requests for comment.
The fund, which invests the Norwegian state’s revenues from oil and gas production, is one of the world’s largest investors.
And owns on average 1.5% of all listed stocks worldwide.