• Norway's sovereign wealth fund divested from 11 Israeli companies over Gaza's humanitarian crisis.
• This decision follows a review of the fund's investments in the context of the ongoing conflict.
• CEO Nicolai Tangen cited "extraordinary circumstances" prompting tighter oversight of investments.

Norway’s $2 trillion sovereign wealth fund, the world's largest, has announced the divestment of its holdings in 11 Israeli companies due to the worsening humanitarian crisis in Gaza and the occupied West Bank. This strategic decision involves terminating contracts with external asset managers and moving all Israeli investments in-house for better control, according to HuffPost, Al Jazeera, and Middle East Eye.

The fund held stakes in 61 Israeli firms as of June 30 and has now decided to divest from those holdings not included in its equity benchmark index set by the Norwegian finance ministry. “We have now completely sold out of these positions," the fund stated, indicating a thorough review of further investments in the region, according to TRT Global and India Times.

Nicolai Tangen, CEO of Norges Bank Investment Management, emphasized the urgent need for due diligence, citing the "serious humanitarian crisis" in Gaza and stating, “We are invested in companies that operate in a country at war,” reflecting heightened ethical monitoring of the investments, according to The Local, Reuters, and The Jakarta Post.

The divestment follows media scrutiny about the fund's prior investments, including a stake in Bet Shemesh Engines Ltd, a company that supports Israel's military operations. Reports stated that the fund's holdings were linked to arms used in the conflict, prompting Norway's Prime Minister Jonas Gahr Støre and Finance Minister Jens Stoltenberg to review the situation comprehensively, as reported by Africa News and HuffPost.