Norway’s Sovereign Wealth Fund Profits From Israeli Companies Amid Gaza Conflict

What happened

Al Jazeera reports that Norway’s sovereign wealth fund, the world’s largest, continues to profit from investments in Israeli companies despite Gaza being heavily impacted by ongoing violence. Although the fund reduced its Israeli holdings from 61 to 29 companies last year, returns from remaining stakes increased by 15.7% in the first half of 2026, totaling $2.4 billion.

Outside Brief is treating this as a source-led account. Any disputed responsibility, casualty figure, battlefield claim or single-source assertion should be treated as unconfirmed/hearsay unless confirmed by another reliable source or a named official. The fund holds shares in companies linked to Israeli military activities, such as NextVision Stabilized Systems, which supplies drone camera technology to Israel Aerospace Industries, a state-owned defence contractor. It also holds shares in companies providing software and biometric maintenance systems reportedly used by Israeli military and administrative bodies in occupied territories.

Campaign groups and experts quoted by Al Jazeera raised concerns over the ethical and legal implications of these investments. Rami Samandar of Norway’s Palestine Committee and Mads Harlem of Save the Children Norway argue that the fund’s investments are incompatible with Norway’s obligations under international law, especially given the humanitarian crisis in Gaza.

Known from the source

• Norway’s sovereign wealth fund cut its Israeli holdings from 61 to 29 companies last year.
• The fund has made no new investments in Israeli firms since last year.
• Returns from the remaining Israeli holdings reached $2.4 billion in the first half of 2026.
• The value held in NextVision Stabilized Systems increased to $25.9 million from $21 million between 2025 and 2026.
• Israel Aerospace Industries is Israel’s largest aerospace and defence company and buys equipment from NextVision.

What remains unclear

Norges Bank Investment Management, which manages the fund, states that an ethical framework review is ongoing, with temporary guidelines implemented until a new policy is adopted. The fund's investments follow a benchmark index set by Norway’s finance ministry, which currently includes the Israeli market. This review is expected to conclude by October 15.

What remains unclear: Confirm whether the central claim is corroborated; until then treat it as unconfirmed/hearsay. Current status and details of Norges Bank’s ethical framework review and any pending decisions or exclusions relating to Israeli companies. Verification of any recent changes in the fund’s holdings or investment policies following the reported review. Independent confirmation of claims linking these companies’ products and services to Israeli military operations or occupation maintenance.

Evidence note

Outside Brief has kept this brief source-led and attributed. Claims should be read alongside the original source linked below.

Original source: Al Jazeera Gaza. Open the source.