Botswana is approaching the United Arab Emirates and Oman to help acquire a stake in De Beers, according to a report by Bloomberg.
The southern African country, described as diamond-rich, is courting Gulf partners as it looks to increase its ownership in the well-known diamond enterprise.
The report does not name any specific firms, sovereign wealth funds or state-owned entities in the UAE or Oman that are part of the discussions.
It also leaves the size of the prospective share and any financial terms undisclosed.
Botswana is seeking support from the United Arab Emirates and Oman as it explores opportunities to acquire a larger stake in De Beers, a move that could strengthen the country’s influence over the future of the global diamond industry.
President Duma Boko said Botswana is engaging trusted international partners as Anglo American moves forward with plans to sell its 85% stake in De Beers.
A partnership in a diamond-focused venture would fit the broader pattern of seeking strategic assets.
De Beers, the name behind the stake, is synonymous with the global diamond trade.
Observers will be watching how the negotiations shape the relationship between a leading African producer and two Gulf economies.
What to watch next: future statements from the governments of Botswana, the UAE or Oman, as well as any official comment from De Beers, will clarify the stage of the talks.
