MUSCAT: A new joint venture formed through a partnership between Kunooz Oman Holding SAOC, a leading Omani mining company and Etex NV, a Belgium-headquartered global leader in lightweight construction solutions, has unveiled plans to establish a gypsum plasterboard manufacturing plant in the Sultanate of Oman with an initial investment of €22 million (approximately $24 million).

Last month, the two parties signed agreements to jointly support gypsum-based activities in Oman. As part of these agreements, Etex also acquired a 25% stake in Kunooz Gypsum Company LLC, a subsidiary of Kunooz Oman Holding.

Announcing the JV’s investment plans in the Sultanate of Oman, Kunooz Oman Holding said: “The partnership combines Kunooz Oman’s strong resource base and regional expertise with Etex’s advanced technology, manufacturing capabilities and global market reach. As part of the collaboration, the parties will establish a new gypsum plasterboard manufacturing facility with a shareholding structure of 51% for Etex and 49% for Kunooz Oman Holding, with an estimated first-phase investment of €22 million”.

The company added in a post: “The joint venture will be supported by long-term gypsum supply agreements serving both local production and international export markets. Aligned with Oman Vision 2040, the partnership will drive downstream value creation, industrial diversification and employment, while positioning Oman as a regional hub for high-value gypsum products”.

Significantly, the deal represents Etex’s first operational presence in Oman. Founded in 1905, the company specialises in lightweight and sustainable construction solutions, with a strong portfolio spanning fibre cement, plasterboard, insulation, roofing and modular building systems. It operates more than 190 sites in 45 countries, with total revenues estimated at €3.78 billion in 2024.

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. 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.

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