OSLO: Norway’s $1-trillion sovereign wealth fund, the world’s largest, has earned less money because of divestments it has made over the past twelve years due to ethical and environmental considerations, it said on Tuesday.
The fund funnels the proceeds of Norway’s oil and gas production. It invests in around 9,100 companies worldwide and holds on average 1.4 percent of global listed shares.
It is forbidden by law from investing in firms that produce nuclear weapons or land mines, or are involved in serious and systematic human rights violations, among other criteria.
The fund returned 1.6 percentage points less between 2006 and 2017 as a result of exclusions of companies on ethical grounds, according to a report on return and risk it published.
Some 73 companies are excluded on ethical grounds, based on the recommendation of the fund’s ethical watchdog, the Council on Ethics. Another 69 firms are excluded directly by the fund based on their dependence on thermal coal.
The biggest loss of 2.4 percentage points was caused by not being invested in products such as tobacco or nuclear weapons.
But there was an upside on some types of investments.
By being divested from firms the fund deemed were involved in severe environmental damage, corruption or gross human rights violations, it earned 0.9 percentage point more than if it had stayed invested in those firms, the report said.
Norway’s $1 trillion wealth fund earned less money due to ethical considerations
Norway’s $1 trillion wealth fund earned less money due to ethical considerations
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
