Muscat – Kunooz Oman Holding, a leading Omani mining company, has joined forces with Etex, a leader in lightweight construction solutions headquartered in Belgium, by signing a joint venture (JV) agreement to develop gypsum-based activities in the sultanate.
The deal also includes the acquisition of 25% of the holding’s subsidiary Kunooz Gypsum’s activities by Etex.
The joint venture and partnerships agreements between the two companies were signed in Muscat by Sheikh Salim al Rawas, Chairman of Kunooz Oman Holding and Jochen Friedrichs, Head of Division Building Performance, Etex. The ceremony was held under the auspices of H E Mohsin Hamad al Hadhrami, Undersecretary of the Ministry of Energy & Minerals, who graced the occasion.
The gypsum industry plays a vital role in lightweight construction solutions and the construction sector as a whole, with products such as plasterboards. The industry is expected to grow globally by more than 4% annually until 2032. With Oman owning large gypsum resources and being strategically located, this deal provides strong local access to gypsum.
In a press release, Rawas said, “This collaboration will contribute to Oman’s economy by developing downstream business for high-value products and leveraging Etex’s technological and marketing capabilities in gypsum-based lightweight construction. This is based on Kunooz Oman’s strategy which aligns with the Sultanate of Oman’s vision 2040”
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 develop activities that create value and employment in Oman and beyond. We look forward to growing further together, building on Etex’s strengths’ and Kunooz Oman’s leadership and people.”
Naif al Awaid, Group CEO, Kunooz Oman Holding, said, “Through this strong partnership with the leading global lightweight construction player that is Etex, we are strengthening our position as a key player in gypsum mining and related downstream industry for both local and export use.”
Jochen Friedrichs, Head of Building Performance Division at Etex, added, “Partnering with Kunooz Oman will allow both companies to expand their scopes for the crucial raw material that is gypsum both within Oman and across key markets in the Middle East, Asia-Pacific and Africa.”
Kunooz Oman is one of the leading companies in Oman engaged in the mining of different minerals. Both the parties have agreed to develop jointly gypsum board factory.
This deal marks Etex’s first site in Oman. Globally, Etex operates more than 190 sites across 45 countries.
External advisors on the deal included SASLO and PwC for Etex, and CMS for Kunooz Oman.
