Belgian-backed JV to invest in Oman’s gypsum industry

MUSCAT, JAN 22
Belgium-based global building materials group Etex has announced the acquisition of a 25 per cent stake in Kunooz Gypsum, a subsidiary of Kunooz Oman Holding (KOH), a prominent Omani mining, quarrying, transportation and building materials group.
A new joint venture resulting from this transaction will invest in the development of local gypsum-based industrial activities in Oman, bolstering value creation from the Sultanate’s abundant gypsum mineral potential. Gypsum plays a vital role in lightweight construction solutions and the construction sector as a whole, particularly in products such as plasterboard.
The deal also heralds the entry of Etex into the Middle East. Founded in 1905, the company specialises in lightweight, sustainable construction solutions, with a strong portfolio spanning fibre cement, plasterboard, insulation, roofing and modular building systems. Operating across more than 190 sites in 45 countries, with around 13,500 employees and revenues of EUR 3.78 billion in 2024, Etex serves residential, commercial and industrial markets worldwide, with a strategic focus on innovation, circularity and low-carbon construction.
Salalah-based Kunooz Gypsum is already a major player in Oman’s gypsum mining industry, with two mining areas currently covering a total of 55 hectares. Parent group Kunooz Oman Holding’s operations span the extraction and supply of key industrial and building materials such as gypsum, gabbro, limestone and marble, alongside concrete and other construction products through its subsidiaries.
Minerals Development Oman (MDO), the state-owned mining and minerals investment arm of the Oman Investment Authority, holds a 20 per cent stake in Kunooz Oman Holding.
Top executives representing the two joint venture partners have underlined the significance of the partnership in driving the growth of Oman’s gypsum sector. “This collaboration will also contribute to Oman’s economy by developing downstream businesses for high-value products and leveraging Etex’s technical and technological capabilities in gypsum-based lightweight construction,” said Shaikh Salim Abdullah Al Rawas, Chairman of Kunooz Oman Holding.
Naif Al Awaid, CEO of Kunooz Oman Holding, noted that the partnership with Etex, a leading global lightweight construction specialist, will strengthen the Sultanate’s position as a key player in gypsum mining for both local and export markets.
Commenting on the transaction, Bernard Delvaux, CEO of Etex, said: “Etex already operates in more than 45 countries worldwide, and joining forces with Kunooz Oman Holding, in a new location for us, is highly strategic. Our partnership goes beyond gypsum mining. We are committed to further developing activities that create value and employment in the Sultanate of Oman and beyond. We look forward to growing together, building on Etex’s strengths and Kunooz Oman Holding’s leadership and people.”
According to Jochen Friedrichs, Head of the Building Performance Division at Etex, the partnership will enable both companies to “expand their scope for the crucial raw material that is gypsum, both within Oman and across key markets in the Middle East, Asia-Pacific and Africa”.
The partnership, subject to regulatory approvals, is expected to be finalised in Q2 2026.