Belgian-Backed JV to Boost Oman’s Gypsum Industry: Key Investment Opportunities for Businesses
MUSCAT, JAN 22 – Belgium-based global building materials group Etex has acquired a 25 percent stake in Kunooz Gypsum, a subsidiary of Kunooz Oman Holding (KOH), a leading Omani group engaged in mining, quarrying, transportation, and building materials.
The new joint venture formed through this transaction aims to develop local gypsum-based industrial activities in Oman, enhancing value creation from the country’s abundant gypsum resources. Gypsum is essential in lightweight construction, particularly in products like plasterboard.
This deal marks Etex’s entry into the Middle East. Founded in 1905, Etex specializes in lightweight, sustainable construction solutions, with a diversified portfolio including fibre cement, plasterboard, insulation, roofing, and modular building systems. Operating in over 45 countries with around 13,500 employees, the company reported revenues of EUR 3.78 billion in 2024. Etex serves residential, commercial, and industrial markets globally, focusing strategically on innovation, circularity, and low-carbon construction.
Kunooz Gypsum, based in Salalah, is a key player in Oman’s gypsum mining sector, with two mining sites spanning 55 hectares. Kunooz Oman Holding’s operations cover the extraction and supply of crucial industrial and building materials such as gypsum, gabbro, limestone, and marble, as well as concrete and other construction products through its subsidiaries.
The Oman Investment Authority’s state-owned Minerals Development Oman (MDO) holds a 20 percent stake in Kunooz Oman Holding.
Executives from both partners highlighted the importance of this collaboration in advancing Oman’s gypsum industry. Shaikh Salim Abdullah Al Rawas, Chairman of Kunooz Oman Holding, emphasized that the partnership will boost Oman’s economy by fostering downstream industries for high-value products and leveraging Etex’s technical expertise in gypsum-based lightweight construction.
Naif Al Awaid, CEO of Kunooz Oman Holding, stated that the alliance with Etex—a global leader in lightweight construction—will reinforce Oman’s role in gypsum mining for domestic and export markets.
Bernard Delvaux, CEO of Etex, described the transaction as a highly strategic move, noting that the partnership extends beyond gypsum mining and is focused on creating value and employment opportunities in Oman and beyond. He expressed optimism about growing together by combining Etex’s strengths with Kunooz Oman Holding’s leadership.
Jochen Friedrichs, Head of Etex’s Building Performance Division, added that the partnership would allow both companies to broaden their access to gypsum, a critical raw material, within Oman and across key markets in the Middle East, Asia-Pacific, and Africa.
The partnership, pending regulatory approvals, is expected to be finalized in the second quarter of 2026.
Special Analysis by Omanet | Navigate Oman’s Market
The strategic partnership between Etex and Kunooz Oman Holding positions Oman as a regional hub for gypsum-based lightweight construction innovation, leveraging the country’s abundant mineral resources. For businesses, this opens significant opportunities in downstream value-added manufacturing and export markets, while smart investors should consider the potential growth in sustainable building materials aligned with global low-carbon trends. However, companies must also navigate regulatory approvals and ensure alignment with Oman’s economic diversification goals to fully capitalize on this development.
