Norway’s $1.9 trillion sovereign wealth fund said Monday it has divested from 11 Israeli companies and will now manage the remainder of its Israeli portfolio in-house, terminating all contracts with external asset managers in the country. The Government Pension Fund Global, run by Norges Bank Investment Management (NBIM), took the step after an urgent review ordered by the government following reports that it had increased its holding in jet-engine maker Bet Shemesh Engines during Israel’s military campaign in Gaza. Chief Executive Nicolai Tangen described the decision as “a response to extraordinary circumstances,” citing the escalating humanitarian crisis in Gaza and deteriorating conditions in the West Bank. As of 30 June, the fund held shares in 61 Israeli companies; those lying outside its equity benchmark index have now been sold, and NBIM said it is continuing to examine the remaining holdings for possible divestment. The move highlights the fund’s ethical guidelines, which bar investments that could contribute to violations of international law. Although Norway’s parliament rejected a blanket withdrawal from firms active in occupied Palestinian territories in June, Prime Minister Jonas Gahr Store and Finance Minister Jens Stoltenberg asked NBIM to strengthen due-diligence procedures. The fund plans to present further recommendations by 20 August.