Botswana courts UAE and Oman to finance a majority stake in De Beers as Anglo American sells its 85%

Summary

Botswana's President Duma Boko is seeking a majority stake in De Beers, the diamond company in which Botswana has held 15% since independence, as its parent Anglo American sells the remaining 85%. Anglo American set a bid deadline of 16 April 2026, and Boko moved quickly: he visited Oman in April to sign cooperation deals and seek sovereign-fund co-financing, and Bloomberg reported in June that talks with both the UAE and Oman were active. Botswana's goal is to cross 50% ownership, a threshold that would give it effective control of a company that generates roughly 80% of the country's export earnings and 25% of GDP. The frontrunner bid as of mid-2026 is reportedly led by Gareth Penny, De Beers' former chief executive, in a process that remains formally open; Botswana's ownership stake is a separate negotiation track that must run in parallel with any buyer selection. Qatar has separately pledged investments of up to US$12bn in Botswana, giving Boko a broader Gulf investor base as he pursues the deal.

The split

Botswana's state and nationalist press frames the De Beers pursuit as long-overdue economic sovereignty, noting that the country supplied the diamonds that built De Beers' market dominance for decades while majority ownership remained in London and Johannesburg. International mining finance commentary focuses on whether Botswana can actually self-sustain a majority stake given a fiscal position weakened by diamond price falls in 2023-24, and whether Gulf co-investors want exposure to a single-commodity company in a declining luxury market. Anglo American's position favours a clean disposal, meaning a buyer that can close quickly, which may complicate Botswana's parallel-track ownership negotiation.

By the numbers

• 85%, Anglo American's stake in De Beers, currently for sale
• 15%, Botswana's current stake in De Beers
• ~80%, share of Botswana's total export earnings from diamonds
• ~25%, diamonds' contribution to Botswana's GDP
• US$12bn, Qatar's pledged investment commitment to Botswana
• 50%+, Botswana's target ownership level for effective corporate control

Why it matters

The De Beers ownership question is Botswana's single most significant economic sovereignty moment since independence. Duma Boko was elected in November 2024 on a platform of ending nearly six decades of Botswana Democratic Party rule, and a De Beers majority ownership would be his most tangible economic-sovereignty achievement. The outcome also sets a precedent for other diamond-producing states (Namibia, Angola, Zimbabwe) watching how far a small African country can push back on historical mining company ownership structures in a period when Critical Minerals nationalism is rising globally.

What to watch

• Finalisation of Anglo American's De Beers sale process and whether Botswana secures co-investor backing in time to meet the buyer's preferred closing timeline.
• Qatar and UAE sovereign fund decisions on the Botswana co-investment offer.
• Whether the Gareth Penny-led bid includes a Botswana majority as a deal term, or whether ownership remains a government-to-Anglo separate track.
• De Beers diamond price recovery: sustained low prices reduce the strategic case for Gulf or state co-investment.