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OSLO: Norway’s $2 trillion wealth fund, the world’s largest, said on Monday it has divested from US construction equipment group Caterpillar and from five Israeli banking groups on ethics grounds.
The five banks are Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel and FIBI Holdings, the fund said in a statement.
The six groups were excluded “due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict,” said the fund, which is operated by Norway’s central bank.
The companies did not immediately reply to requests for comment. The Israeli embassy in Oslo declined to comment.
Prior to its divestment, the fund held a 1.17 percent stake in Caterpillar valued at $2.1 billion as of June 30, its records showed.
The stakes in the five Israeli banks were valued at a combined $661 million, also as of June 30, according to fund data. The news was announced when the Tel Aviv and New York stock exchanges were closed.
Shares in Caterpillar were down 0.4 percent in pre-market trading at $430.61 per share on Tuesday.
FIBI Holdings shares were up 4 percent, putting them on course for their best day since early 2024. Hapoalim’s stock was up 3.3 percent and Bank Leumi, Mizrahi Tefahot Bank, and First International Bank of Israel were between 1.8 percent and 2.8 percent better off.
Israeli shares have soared since Hamas’ attacks in October 2023. Bank Leumi has risen 120 percent since then, while the rest of the banks the wealth fund has divested from have climbed between 48 percent and 70 percent.
Caterpillar
The fund’s ethics watchdog, called the Council on Ethics, said that “in the council’s assessment, there is no doubt that Caterpillar’s products are being used to commit extensive and systematic violations of international humanitarian law.”
Bulldozers manufactured by Caterpillar “were being used by Israeli authorities in the widespread unlawful destruction of Palestinian property,” it said.
The violations were taking place both in Gaza and the West Bank, the council said, adding that “the company has also not implemented any measures to pre­vent such use.”
“As deliveries of the relevant machinery to Israel are now set to resume, the council considers there to be an unacceptable risk that Caterpillar is con­tributing to serious violations of individuals’ rights in war or conflict situations.”
The council, a public body set up by the Ministry of Finance, checks that firms in the portfolio of the fund meet ethical guidelines set by Norway’s parliament. The fund is invested in some 8,400 companies worldwide.
It makes recommendations to the board of the central bank, which has the final say. The board agreed with the council’s recommendation. The Norwegian fund said on August 18 that it would divest from six companies as part of an ongoing ethics review over the war in Gaza and developments in the West Bank, but declined at the time to name any groups until the stakes were sold.
Banks

On the banks, the ethics watchdog initially scrutinized the Israeli banks’ practice of underwriting Israeli settlers’ housebuilding commitments in the region.
On Monday, the council said that all the banks excluded had, “by providing financial services that are a necessary prerequisite for construction activity in Israeli settlements in the West Bank, including East Jerusalem ... contributed to the maintenance of Israeli settlements.”
Around 700,000 Israeli settlers live among 2.7 million Palestinians in the West Bank and East Jerusalem.
Many settlements are adjacent to Palestinian areas and some Israeli firms serve both Israelis and Palestinians.
The United Nations’ top court last year found that Israeli settlements built on territory seized in 1967 were illegal, a ruling that Israel called “fundamentally wrong,” citing historical and biblical ties to the land.

KABUL: Hundreds of the most vulnerable Afghan patients are set to receive free eye treatment, including surgery, in Kabul this week under a medical intervention program funded by the King Salman Humanitarian Aid and Relief Center.

The program is organized by the Afghan Red Crescent Society at the ARCS Central Hospital in Kabul from Aug. 24 to 28.

It is funded by KSrelief and Al-Basar International Foundation, a Saudi-based nongovernmental organization providing eye healthcare and visual rehabilitation to the most vulnerable and disadvantaged communities around the world.

“The five-day campaign will provide treatment and surgery services for 400 patients and screening services for around 4,000 others. Patients receive screening services, medicine, glasses and surgery free of charge,” Dr. Abdul Wali Utmanza, director of the ARCS Central Hospital, told Arab News. “Soon, an additional 400 patients in Nangarhar and 400 more in Kandahar will also undergo eye surgery.”

Al-Basar Foundation has been treating eye patients in Afghanistan with KSrelief support since 2023.

“Since then, thousands of patients have received care, and we remain committed to expanding these vital services even further,” said Rizwan Baloch, the foundation’s representative. “These services are crucial for restoring vision, improving lives, and reaching those without access to proper eye care.”

Of Afghanistan’s 43 million population, more than 400,000 are blind, according to the World Health Organization.

Dr. Shamsulhaq Salim, ophthalmologist from Herat, estimates that another 2 million are visually impaired and many of them can lose sight due to cataracts.

“Cataracts remain the leading cause of blindness in Afghanistan, yet a simple surgery can completely restore vision. However, a severe shortage of eye specialists and relevant modern facilities are major barriers,” he told Arab News.

“Afghanistan has an estimated 150 to 200 eye specialists nationwide, most of whom are based in major cities and provincial centers.”

There are only nine public eye hospitals in the country and a handful of private clinics.

For Mir Hamidullah, who arrived for treatment in Kabul from Surobi district, some 100 km away, the Saudi initiative offered a rare chance to restore his vision.

“I wouldn’t have been able to go to a private hospital to treat my eyes. That’s why I and so many others are here today, receiving free eye care,” he said.

“I sincerely hope other international organizations also step forward to support the Afghan people and recognize the difficult conditions we are living in.”