Norway’s sovereign wealth fund profits from Israeli holdings amid genocide
As Gaza is being destroyed, the so-called oil fund enjoys robust returns from companies linked to Israel's military.
The value of Norway’s sovereign wealth fund’s investments in Israeli companies has increased, prompting ethical concerns among campaign groups and charities as the war in Gaza continues.
The fund, the world’s largest, cut its Israeli holdings from 61 to 29 companies last year, citing “the serious humanitarian crisis” in Gaza.
Although it has made no new investments in Israeli firms since, returns from its remaining holdings reached $2.4bn in the first half of 2026 – a rise of 15.7 percent since the end of 2025.
The finance ministry has “adopted temporary ethical guidelines and changes to the management mandate that apply until a new framework is in place. During this period, Norges Bank shall not decide on observation or exclusion of companies,” the spokesperson said. “The fund is broadly invested in line with the mandate we have been given by the ministry of finance,” they continued, adding that the ministry “sets a benchmark index that determines which markets and companies the fund is to be invested in, and the Israeli market is part of that index.”