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OSLO: Norway’s sovereign wealth fund said Monday that it was selling its investments in 11 Israeli companies following reports it had invested in an Israeli jet engine maker even as the war in Gaza raged.
Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said the decision was taken “in response to extraordinary circumstances.”
“The situation in Gaza is a serious humanitarian crisis. We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened,” Tangen said in a statement.
He said the move would reduce the number of Israeli companies the fund’s Council of Ethics needed to supervise.
Norway’s wealth fund is the biggest in the world with a value of around $1.9 trillion, with investments in more than 8,600 companies spanning the globe.
Last week, Norwegian newspaper Aftenposten reported that the fund had invested in Israeli Bet Shemesh Engines Holdings, which makes parts for engines used in Israeli fighter jets.
Tangen later confirmed the reports, and said the fund had increased its stake after the Israeli offensive in Gaza began.
The revelations led Prime Minister Jonas Gahr Store to ask Finance Minister and former NATO secretary general Jens Stoltenberg for a review.
NBIM said it had investments in 61 Israeli companies at the end of the first six months of this year, 11 of which were not in its “equity benchmark index” — which is set by the finance ministry and used to gauge the wealth fund’s performance.
NBIM added that it had decided last week that “all investments in Israeli companies that are not in the equity benchmark index will be sold as soon as possible.”
Going forward, “the fund’s investments in Israel will now be limited to companies that are in the equity benchmark index,” it said.
NBIM also said that all investments in Israeli companies managed by external managers would be moved in-house, and that it was “terminating contracts with external managers in Israel.”
In addition, NBIM said the finance ministry had asked it to review “its investments in Israeli companies, and to propose new measures that it deems necessary.”
It said it initiated the review and would present its findings before an August 20 deadline.
The fund also said that it had “long paid particular attention to companies associated with war and conflict.”
“Since 2020, we have been in contact with more than 60 companies to raise this issue. Of these, 39 dialogues were related to the West Bank and Gaza,” NBIM said.
It said that monitoring of Israeli companies had been intensified in the autumn of 2024, and that “as a result, we have sold our investments in several Israeli companies.”
Speaking at a press conference later Monday, Stoltenberg said he was glad Norges Bank had “acted quickly.”
“The fund’s ethical guidelines stipulate that it shall not invest in companies that contribute to violations of international law by states,” he told reporters.
“Therefore, the pension fund should not hold shares in companies that contribute to Israel’s warfare in Gaza or the occupation of the West Bank,” he said.
Also on Monday, Norwegian pension fund KLP said it had excluded Israeli company NextVision Stabilized Systems “from its investments because the company supplies key components for military drones used in the war in Gaza.”

RIYADH: The King Abdulaziz Center for World Culture (Ithra) recently held its Reading Enrichment Forum for adults, with 30 students from 14 Arab countries taking part.

The 14-day event, which began on July 19, was filled with dialogue and interactive sessions, with a number of esteemed authors taking part.

Six people qualified to compete for the title of “Reader of the Year for the Arab World,” in a competition set for Dec. 5-6.

At the Shelves of Knowledge activity, students learned about the library’s classification system, browsing archives and learning how to access multilingual collections.

The forum delved into the intersection of literature and technology, with an interactive session exploring how to identify AI-generated texts.

Participants developed skills for identifying AI-generated content by analyzing patterns, detecting stylistic inconsistencies and detecting the lack of emotional depth often seen in machine-written works.

Hassan Al-Sharif, assistant professor of philosophy at Taiba University, conducted a workshop on employing AI tools in writing and translation.

The workshop explored the ways AI tools can support writers, from preparing initial drafts and overcoming writer’s block to providing instant translation across languages.

A large portion of the session focused on the ethics of using AI, including how to appropriately assign work to tools, the importance of maintaining authenticity and the potential risks of over-reliance on technology.

The discussion encouraged participants to think critically about the responsibilities of contemporary writers in a digital world, fostering a deeper understanding of the opportunities and limitations posed by AI.

In a comprehensive session, Saudi writer and publisher Mohammed Al-Furaih introduced participants to the world of book publishing and reviewed the journey of a manuscript, from submission to final printing, highlighting the roles of editors, agents, marketing teams and publishing houses.

Al-Furaih also discussed the decision-making processes publishers follow when choosing which books to invest in, offering advice to aspiring writers on how to navigate this system.

He said that writing is an art, while publishing is an industry — and understanding how it works is important for any writer aspiring to publish their work.

The forum continued to enhance participants’ creative development through a series of writing exercises, designed to further hone their writing skills and help them move closer to completing their final pieces.

The forum also featured a workshop presented by Iman Al-Azzouzi.

Her interactive session focused on the art of reading texts through a variety of reading exercises.

Iman encouraged participants to look beyond texts and delve into meaning, tone, structure and context.

The session encouraged effective discussion, reflection and interpretation, equipping participants with the tools necessary to become more reflective leaders.

On the practical side, writer Mohammed Al-Daba outlined the “successful newsletter” as a personal and professional tool for thought leadership, while journalist and poet Browin Habib took the audience on a behind-the-scenes tour of cultural interviews.