KLP -- which manages over 700 billion kroner ($70 billion) -- said the companies were active within the telecommunications and real estate sectors, except for energy giant Saudi Aramco.
"The overall rationale for these exclusions is that Gulf states remain characterised by authoritarian systems of government that restrict freedom of expression and political rights, including of critics and human rights activists," Kiran Aziz, head of responsible investment at KLP, said in a statement.
"Saudi Aramco is excluded primarily due to its lack of an energy transition plan," Aziz said.
Saudi Aramco is 90 percent owned by Saudi Arabia, and was excluded from the pension funds investment portfolio over its ties to Saudi Arabia and opposition to KLP's expectations for climate change and energy transition plans for oil and gas companies.
The total value of the divested companies amounted to $15 million, according to KLP, adding that the decision followed a due diligence assessment.
In 2022, KLP divested Russian companies following Russia's invasion of Ukraine, and in 2021, the fund divested holdings in companies linked to Israeli settlements in the occupied West Bank, including telecom equipment giant Motorola.
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