Norway’s sovereign wealth fund profits from Israeli holdings amid genocide

What the report says

Al Jazeera reports that Norway’s sovereign wealth fund, commonly called the oil fund, is facing renewed scrutiny over its investments in Israeli companies as the war in Gaza continues. The article says the fund reduced its Israeli portfolio from 61 companies to 29 last year, citing the humanitarian crisis in Gaza, but did not add new Israeli holdings afterward. Even so, the remaining investments increased in value, with returns reaching $2.4bn in the first half of 2026, according to the report.

The story focuses on concerns raised by campaigners, charities and legal experts that Norwegian public money may be tied to companies linked to Israel’s military and occupation policies. Al Jazeera highlights holdings in firms such as NextVision Stabilized Systems, One Software Technologies, Formula Systems and ICL Group, describing alleged connections to military supply chains, checkpoint systems and settlement activity. Critics quoted by the outlet argued that the fund should divest from companies that could contribute to violations of international humanitarian law.

The fund is managed by Norges Bank Investment Management under guidelines set by Norway’s finance ministry. A spokesperson said the ethical framework is under review and that temporary rules currently prevent new observation or exclusion decisions while the revision is underway. The ministry said the process is expected to conclude by October 15. The article also notes that Norway recognized a Palestinian state in 2024 and supports a two-state solution, while activists point to Norway’s earlier freezing of investments in Russian companies after the invasion of Ukraine as a precedent.

Overall, the piece underscores a broader debate over whether sovereign wealth funds can remain neutral when invested in markets linked to conflict and alleged human-rights abuses.