Norway's sovereign wealth fund is based at the country's central bank in Oslo. Reuters
Norway's sovereign wealth fund is based at the country's central bank in Oslo. Reuters
Norway's sovereign wealth fund is based at the country's central bank in Oslo. Reuters
Norway's sovereign wealth fund is based at the country's central bank in Oslo. Reuters

Norway asks wealth fund to review Israel assets after uproar 


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The Norwegian government has ordered its sovereign wealth fund to review all investments in Israel after a report about its stake in an Israeli company linked to the war in Gaza caused a public outcry.

Finance Minister Jens Stoltenberg, who oversees the $1.9 trillion wealth fund, told reporters in Oslo on Tuesday he “understands people are asking questions” about how closely the fund is following its ethical guidelines, which exclude companies that contribute to serious abuses of human rights, including war crimes.

The former head of Nato said he will ask the fund and its external ethics adviser for a “renewed review into the fund’s investments in Israeli companies”.

"The purpose is to ensure that the fund is not invested in companies that contribute to the illegal occupation of the West Bank and the war in Gaza," he said in a statement.

The fund's investment in Bet Shemesh Engines is worrying, Norwegian Prime Minister Jonas Gahr Store told broadcaster NRK. "We must get clarification on this because reading about it makes me uneasy," he said.

A report in Aftenposten said Norway’s wealth fund had holdings in the company, which the newspaper said is servicing fighter jets used in the attacks in Gaza.

Pressure on the fund — the world’s largest — from activists and members of parliament has grown steadily since the start of Israel’s war against Hamas in October 2023. Officially known as the Norges Bank Investment Management, the fund holds about 1.5 per cent of all listed equities globally.

It sold its stakes in an Israeli energy company and a telecoms group in the past year, and its ethics council has said it is reviewing whether to recommend divesting holdings in five banks. It owns stakes in 8,700 companies worldwide, and as of the end of last year, the investments in 65 Israeli companies totalled about $2.1 billion.

The fund, which has previously excluded companies due to their links to Israel’s occupation of the West Bank, started investing in Bet Shemesh Engines in 2023. It increased its holdings to 2.1 per cent in 2024 from 1.3 per cent in 2023, according to NBIM figures.

In May, the Norwegian Confederation of Trade Unions voted unanimously to adopt a resolution to boycott Israel and calling on the Norwegian government to divest funds from companies that support the country.

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

UAE currency: the story behind the money in your pockets
Overview

What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.

When: From Sunday, February 2, to Wednesday, February 12.

Where: At 13 different centres across Sharjah.

Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.

Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

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Pros%20and%20cons%20of%20BNPL
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The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Updated: August 06, 2025, 3:19 AM