CEO of Norway Wealth Fund confirms 'Israel' divestment, eyes more cuts
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Norway’s wealth fund confirms Bet Shemesh sale and signals more "Israel" divestments following war on Gaza and ethical investment concerns.
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Smoke rises following an explosion in the Gaza Strip, as seen from southern Occupied Palestine, on August 10, 2025. (AP)
Norway’s $1.9 trillion sovereign wealth fund has confirmed the complete sale of its stake in Bet Shemesh Engines Holdings, with top executives making clear that further withdrawals from "Israel"-linked companies are on the horizon.
Nicolai Tangen, CEO of Norges Bank Investment Management, said the fund has "sold out of Bet Shemesh Holdings," adding that they "expect to divest from more companies with activities in Israel." His remarks signal that the sale is part of a broader, ongoing shift in the fund’s investment strategy.
Tangen explained that the Bet Shemesh stake was acquired "a month after the war in Gaza started," a timing that has fueled public criticism over the fund’s ethical oversight, making clear that the decision to sell reflects growing concern over "Israel's" actions in Gaza and the occupied West Bank.
The Deputy CEO reinforced this direction, noting: "We will continue to simplify the Israeli portfolio, but we need to do a thorough review first," confirming that more withdrawals from the Israeli portfolio are expected once the review is complete.
Timeline of Bet Shemesh investment and exit
The fund’s $15 million stake in Bet Shemesh represented 2.1% ownership at the end of 2024, over four times the value of its holding at the end of 2023. This rapid increase during the Gaza war sparked outrage from civil society groups and political parties, accusing the fund of ignoring its own ethical guidelines.
Yesterday, the wealth fund announced it would divest from 11 Israeli companies, citing exceptional circumstances and the severe humanitarian crisis in Gaza.
Officials confirmed that investments will remain only in "Israel"-based firms included in the fund’s equity benchmark index, with all external management contracts for such investments to be terminated.
Domestic pressure and international stance
The fund’s moves come amid mounting domestic calls for a full economic boycott of "Israel." In May 2025, Norway’s largest trade union, representing one million workers, voted in favor of such a boycott.
One year earlier, in May 2024, Norway formally recognized the State of Palestine and imposed targeted sanctions on several extremist Israeli officials. The divestment strategy mirrors this political stance while responding to sustained criticism from advocacy groups.
Despite speculation about his leadership, Tangen stressed he has “no plans to resign”, saying the fund will proceed with its review methodically and in line with Norway’s ethical investment standards.
