Botswana president Duma Boko (left) visited Sultan Haitham bin Tariq Al Said, Prime Minister of Oman, in Oman earlier this year.

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Botswana is in talks with the United Arab Emirates and Oman to help the diamond-rich nation acquire a “strategic” stake in De Beers from Anglo American, President Duma Boko said.

Anglo American is in the process of shortlisting bidders for the sale of its 85% stake in De Beers. Boko traveled to Oman earlier this year, after telling Bloomberg in September that his country was in talks with a sovereign wealth fund in the Middle Eastern nation to finance the purchase of a controlling stake in De Beers.

“We are looking at reliable, trusted partners,” Boko said in an interview in the capital, Gaborone, on Friday. “The Omanis and the UAE have now claimed that spot. So any opportunity that comes whether in the diamond space or other, we will now be looking to engage with them.”

Botswana, which is cash-strapped and had its credit rating cut by S&P Global Ratings this year, is keen to secure control of De Beers, betting that the move will give it more say over the price and marketing of the gems. Botswana is the world’s largest producer of rough diamonds, prices of which have plunged and ravaged the nation’s economy.

Anglo wrote down the book value of De Beers to $2.3 billion (R38 billion) this year. De Beers mines most of its diamonds in Botswana and the country already holds a 15% stake in the company.

Anglo is selling its stake as natural diamonds come under pressure from cheaper lab-grown stones, weakening Chinese demand and uncertainty caused by US tariffs.

Botswana has also been in talks with neighboring Namibia and Angola in its push for control of De Beers.

The sale of the 138-year-old diamond-mining company comes as part of Anglo’s restructuring plan, after it fended off a $49 billion hostile takeover approach by BHP Group. Anglo has since refocused on copper and iron ore, and is pursuing a multibillion-dollar takeover of Canada’s Teck Resources.

De Beers has a long history in Botswana that’s home to its largest diamond mines. The gems still generate 80% of Botswana’s total exports and a quarter of its domestic gross product.