Norway sovereign fund expects to sell more Israeli stocks over Gaza, West Bank

Norway's $2 trillion wealth fund, the world's largest, said on Tuesday it expects to divest from more Israeli companies as part of its ongoing review of investments in the country over the situation in Gaza and the West Bank.

The fund announced on Monday it was terminating contracts with all three of its external asset managers who handled some of its Israeli investments and has divested parts of its portfolio in the country over the worsening humanitarian crisis in Gaza.

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 that provides services to Israel's armed forces, including the maintenance of fighter jets.

The stake in the company, Bet Shemesh Engines Ltd (BSEL) (BSEN.TA) has now been sold, the fund announced on Tuesday. Bet Shemesh did not respond to requests for comment.

Norges Bank Investment Management (NBIM), an arm of Norway's central bank, which held stakes in 61 Israeli companies as of June 30, in recent days divested stakes in 11 firms, including BSEL. It did not name the other companies.


Reuters