The agreements are: an agency agreement to promote composite aerospace sales in the United Arab Emirates (UAE), Saudi Arabia and other Middle East countries; and a A$10 million convertible loan agreement.

Quickstep’s Chief Executive Officer, Philippe Odouard, says: “These agreements provide a very exciting opportunity for us to cement Quickstep’s move to aerospace manufacturing in Australia, while also providing the company with access to potential new business in a major new growth market in the Middle East.”

Al Farida’s wholly owned subsidiary, Al Sahel Trading Agencies LLC, has agreed to act as the exclusive representative for Quickstep within the UAE and wider region for a minimum of two years, and to promote Quickstep’s services to potential customers.

“There are numerous companies in the UAE and elsewhere in the Middle East that are aggressively targeting aerospace manufacturing contracts within the region’s rapidly expanding aerospace sector,” says Executive Vice Chairman and Managing Director of the Al Farida group, Sheik Hamed bin Ahmed Al Hamed.

“These companies are aiming to become the hub of the aerospace industry in the region, and we believe Quickstep can offer key manufacturing solutions, knowledge and capability - using both the Quickstep Process and autoclave curing solutions - to assist them to achieve this goal. We see this region as a major potential contributor to Quickstep’s future growth,” he adds.