New $24 Million Gypsum Plasterboard Joint Venture: Key Opportunities for Investors in Oman’s Construction Sector
A new joint venture has been established through a partnership between Kunooz Oman Holding SAOC, a prominent Omani mining company, and Etex NV, a Belgium-based global leader in lightweight construction solutions. The venture aims to establish a gypsum plasterboard manufacturing plant in Oman, with an initial investment of €22 million (approximately $24 million).
Last month, the two companies signed agreements to collaborate on gypsum-related initiatives in Oman. As part of this partnership, Etex acquired a 25% stake in Kunooz Gypsum Company LLC, a subsidiary of Kunooz Oman Holding.
In announcing the investment plans, Kunooz Oman Holding stated, “This partnership merges Kunooz Oman’s robust resource base and regional expertise with Etex’s cutting-edge technology, manufacturing capabilities, and global market presence.” The new manufacturing facility will feature a shareholding structure of 51% for Etex and 49% for Kunooz Oman Holding, with an initial investment estimated at €22 million.
The joint venture will be supported by long-term gypsum supply agreements aimed at both local production and international export markets. This initiative aligns with Oman Vision 2040, promoting downstream value creation, industrial diversification, and job creation, while positioning Oman as a regional hub for high-value gypsum products.
Notably, this deal marks Etex’s first operational presence in Oman. Founded in 1905, Etex specializes in lightweight and sustainable construction solutions, boasting a diverse portfolio that includes fiber cement, plasterboard, insulation, roofing, and modular building systems. The company operates over 190 sites across 45 countries, with projected total revenues of approximately €3.78 billion in 2024.
Kunooz Gypsum, based in Salalah, is already a significant player in Oman’s gypsum mining industry, with two mining areas covering 55 hectares. Minerals Development Oman (MDO), the state-owned mining and minerals investment arm of the Oman Investment Authority, holds a 20% stake in Kunooz Oman Holding.
Special Analysis by Omanet | Navigate Oman’s Market
The newly formed joint venture between Kunooz Oman Holding and Etex NV represents a significant step towards enhancing Oman’s industrial landscape through the establishment of a gypsum plasterboard manufacturing plant. This creates opportunities for businesses focused on sustainable construction solutions and positions Oman as a potential regional hub for high-value gypsum products. Smart investors should closely monitor developments in this sector, particularly regarding export potentials and partnerships aligning with Oman Vision 2040, which emphasizes economic diversification and job creation.
