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Botswana has signed a series of energy and mining exploration agreements with Oman as the southern African nation moves to deepen economic ties with the Gulf sultanate, the presidency announced Monday.
The landlocked country, the world’s largest diamond producer by value, has been actively courting Gulf states to diversify an economy long dependent on gemstones.
Under the new agreements, Botswana’s President Duma Boko and Oman’s Sultan Haitham bin Tariq have committed to developing a 500-megawatt solar photovoltaic plant equipped with battery storage.
The two sides also finalised a joint exploration agreement covering copper, gold, graphite, and iron ore.
To improve supply security, a separate infrastructure agreement includes storage facilities at the Tshele Hills Strategic Petroleum Depot and Namibia’s port town of Walvis Bay.
The presidential administration did not reveal the monetary value of the deals.
The push for new partnerships comes as Botswana faces mounting economic pressure.
Diamonds account for roughly one-third of the country’s gross domestic product, but revenues have slumped due to weak prices and rising competition from lab-grown stones, which have eroded demand.
Due to “structural weakness in global diamond demand,” S&P Global Ratings lowered Botswana’s long-term foreign and local currency sovereign credit ratings in March.
“The downgrade reflects our view that global diamond demand will likely remain weak for longer, weighing on Botswana’s already-strained economy and public finances,” the New York-based agency said.
President Boko used a visit to France last week to meet with the employers’ federation, MEDEF, and published an opinion piece in the business daily La Tribune, promoting Botswana’s investment appeal.
Botswana is among several African governments and firms seeking to acquire a stake in De Beers, the world’s leading diamond company, as the industry navigates a prolonged downturn.
De Beers is majority-owned by British mining giant Anglo American, with Botswana holding a 15 percent stake.
In February, Anglo American wrote down the value of De Beers by $2.3 billion after reporting similar impairment charges in 2025 and 2024, leaving the unit valued at $2.3 billion.
