Norway's national fund anticipates augmented divestment from Israeli stocks due to ongoing conflicts in Gaza and the West Bank
In a significant move, Norway's sovereign wealth fund, Norges Bank Investment Management (NBIM), has decided to divest from Israeli companies, including Bet Shemesh Engines Ltd. (BSEL), due to their involvement in supporting Israeli military activities in the occupied West Bank and Gaza.
The decision comes after an urgent ethics review by the fund, following the identification of BSEL as a provider of maintenance services to the Israeli military, including fighter jets. Since June 2025, NBIM has divested from 23 Israeli firms linked to the West Bank and Gaza, reflecting growing international pressure and ethical concerns about investments contributing to the conflict and occupation.
NBIM, an arm of Norway's central bank, held stakes in 61 Israeli companies as of June 30, and has recently divested stakes in 11 firms, including BSEL. The fund rates BSEL as a "medium risk" stock with regards to ethics concerns.
The divestment from BSEL was not influenced by discussions about the company's business in the United States. NBIM has not revealed its plans for its remaining Israeli investments.
NBIM's CEO, Nicolai Tangen, expects to divest from more companies in the future due to the ongoing review. Norway's parliament rejected a full divestment from all firms operating in the occupied territories, but the sovereign wealth fund continues to conduct quarterly ethics reviews and excludes companies deemed involved with military or settlement activities.
BSEL, an Israeli jet engine group, did not respond to requests for comment regarding the divestment. The fund began investing in BSEL in November 2023, about one month after the war in Gaza began, via an external investment manager.
NBIM has terminated contracts with external asset managers handling some of its Israeli investments and has already divest parts of its portfolio in Israel. The fund invests the Norwegian state's revenues from oil and gas production, and also invests in bonds, real estate, renewable energy projects, and owns on average 1.5% of all listed stocks worldwide.
The divestment from BSEL is part of an ongoing review by NBIM due to the situation in Gaza and the West Bank. The fund has sold its entire stake in BSEL, marking a significant step in its efforts to align its investments with ethical principles.
- The Norway's sovereign wealth fund, Norges Bank Investment Management (NBIM), has decided to sell its entire stake in Bet Shemesh Engines Ltd. (BSEL), a move influenced by ethical concerns over the company's involvement in supporting Israeli military activities in the occupied West Bank and Gaza.
- The decision comes as part of an ongoing review by NBIM, which has also been influenced by growing international pressure and concerns about investments contributing to the conflict and occupation.
- The divestment from BSEL is not the only one made by NBIM, as the fund has recently divested stakes in 11 firms, including BSEL, marking a total of 23 Israeli firms divested since June 2025.
- NBIM, an arm of Norway's central bank, rates BSEL as a "medium risk" stock in terms of ethics concerns, yet continues to conduct quarterly ethics reviews and excludes companies deemed involved with military or settlement activities.
- The fund's CEO, Nicolai Tangen, expects to divest from more companies in the future due to the ongoing review, reflecting the fund's commitment to aligning its investments with ethical principles, even when it comes to real-estate, business, finance, politics, general-news, art, world affairs, war-and-conflicts, or any other sector.
