Norway’s $2 trillion sovereign wealth fund, the world’s largest, on Tuesday said that it expects more withdrawals from its Israeli portfolio.
The announcement came one day after it said it was terminating contracts with external asset managers handling some of its investments in Israeli companies.
It has also divested parts of its portfolio in Israel over the deteriorating humanitarian crisis in Gaza. “We expect to divest from more companies,” the fund’s chief executive, Nicolai Tangen, said at a press conference.
The fund announced that it had sold its stakes of just over 2 per cent in Israeli jet engine group Bet Shemesh Engins Ltd (BSEL). It provides services to Israel's armed forces, including the maintenance of fighter jets.
Norges Bank Investment Management (NBIM), an arm of Norway's central bank, which held stakes in 61 Israeli companies as of June 30, in recent days divested stakes in 11, including BSEL. It did not name the other companies.
The fund began investing in BSEL in November 2023, about one month after the war in Gaza began, through an external investment manager, Mr Tangen said. The fund declined to give details of the external portfolio manager.
BSEL was later reviewed as a high-risk stock in May. That change should have been quicker, Mr Tangen said, adding that NBIM should have had a tighter overview of these investments earlier. “We should have been quicker in taking back control of the Israeli investments,” he said.
The review began last week following media reports that the fund had built a stake in BSEL, which did not respond to requests for comment.
NBIM had held quarterly meetings with Bet Shemesh Holdings, but the war in Gaza was not raised as a theme.
“We had discussions about their business in the United States, not about the war in Gaza,” Mr Tangen said, adding that the fund had rated BSEL as a “medium risk” stock with regards to ethics concerns.
In a press statement issued on Monday, the fund said that Norway's Finance Ministry had requested that it review its implementation of the management mandate of the fund, its investments in Israeli companies, and to propose new measures that it deems necessary. It has until August 20 to respond to a letter sent by the Finance Ministry.
The fund said that the 11 Israeli companies that it had divested from since June were “not in the equity benchmark index of the ministry”. Last week, NBIM decided to sell all investments in Israeli companies that are not in the equity benchmark. All investments in Israeli companies that had been managed externally would also be brought in-house.
“These measures were 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,” Mr Tangen said in that statement.
The fund, which invests the Norwegian state's revenue from oil and gas production, is one of the world's largest investors, owning on average 1.5 per cent of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects.
On Tuesday, it posted a 698 billion Norwegian crowns ($68.28 billion) profit for the first half of the year, earning an overall return of 5.7 per cent in line with its benchmark index.
“The result is driven by good returns in the stock market, particularly in the financial sector,” Mr Tangen said in a statement.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Federer's 11 Wimbledon finals
2003 Beat Mark Philippoussis
2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
More on Quran memorisation:
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
Brief scores:
Kashima Antlers 0
River Plate 4
Zuculini 24', Martinez 73', 90 2', Borre 89' (pen)
COMPANY%20PROFILE
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
The%20Boy%20and%20the%20Heron
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'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
Killing of Qassem Suleimani
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
SPECS
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THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
