The UAE is considering investing in building a canal across Nicaragua to compete with the Panama Canal.

Work is underway to expand the Panama Canal, but Nicaragua reckons a second route between the Atlantic and Pacific oceans is needed to meet growing demand in global sea trade.

“We are looking for various means of co-operation … of being part of the initiative to unite two oceans with a canal,” says Sheikh Abdullah bin Zayed, UAE’s Minster for Foreign Affairs, after a meeting with the Nicaraguan president, Daniel Ortega, on Monday.

Venezuela and China are also reportedly interested in building a new canal.

Sheikh Abdullah says that “if the studies are positive, we will be able find many partners” to move it forward.”

“I am here with a team that has been well chosen and who represent the government and the private sector, many of them from very important firms.”