Norway's $2 trillion wealth fund, the world's largest, said on Monday it has divested from US building equipment group Caterpillar and five Israeli banking groups on ethical 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.
They 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.
Caterpillar did not immediately respond to a request for comment.
The fund's watchdog, the Council on Ethics, said that in its assessment, "there is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law".
The breaches were taking place 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 Norwegian fund announced on August 18 that it would divest from six companies as part of a continuing 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.
The fund's watchdog had initially been scrutinising Israeli banks' practice of underwriting settlement building in the region.
David Haye record
Total fights: 32
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Losses: 4
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Stars:Kristen Bell
Rating: 1/5
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Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
