Buzz

Egypt’s First Smartphone Producer Expects To See Market Share Rise

Egypt’s First Smartphone Producer Expects To See Market Share Rise

SICO Tech, the first Egyptian producer of smartphones, expects to capture 17% of the country’s smartphone market by 2020 rise from the 2.7% it currently captures, as reported by Reuters.

Mohamed Salem, the CEO of Silicon Industries Corporation (SICO), said in an interview that the company is targeting low-income clients that have long been priced out of being able to enjoy the benefits of smartphone usage. He expects the increase in market share to come directly from this demographic. SICO has sold approximately 120,000 handsets since the phone went on sale in February, Salem hopes to see 1.2 billion pounds in sales by the end of this year, and 2.5 billion pounds in sales by 2020.

Speaking of the expected growth in a recent interview with Reuters, Salem said that “[SICO’s] target is for exports to reach 60 percent of our production by 2020,”, he added that the company hopes to “expand in Arab markets and in Africa during the coming period.” Salem also thinks that sales will be boosted as part of an effort on the part of Egyptians to buy locally.

The company has invested 440 million Egyptian pounds into the development of six types of smartphones so far. They’ve gone on sale under the name ‘Nile X’. To develop the smartphone, SICO partnered with Chinese company Megane, as reported by Egypt Independent. The design incorporates an LCD display and a touch panel, as well as 4G capabilities, impressive elements considering the low cost the company sells at. SICO also hopes to be listed on the Cairo stock exchange within three years.

SICO Tech is the first Egypt based technology and handset manufacturer of reliable and affordable 4G devices: including tablets and smartphones. The company had a lot of excitement surrounding it earlier this year when they announced the opening of preordering.

The company currently has locations in Cairo, Egypt, Nairobi in Kenya as well as Dubai in the UAE. In Egypt alone, the company boasts “five production lines spread over 4,520 square meters [with] a capacity [to produce] 1.8 million devices per year”, as reported by Egypt Today.

SICO’s success bodes well for a budding entrepreneurial scene in Egypt, encouraging technological development within the country. As part of a report on the world’s best start-up hubs, Virgin listed Cairo as an ideal and low-cost location to start a business. SICO hopes to capitalize on the low cost of production as well as the untapped low-income market in order to raise its market share in the future.

Young Trump Staff Are Upset That No One in Washington DC Will Date Them
Egypt Places 5th at Mediterranean Games 2018

Subscribe to our newsletter


Buzz

My name is Mohamed Mohsen, I am - of course - Egyptian. For the last three years I've lived abroad (in Budapest,Hungary), in an international school, there I was blessed with the opportunity to be exposed to a multitude of cultures and nationalities. Outside of my nurtured (and largely contained) international community, I was also witness to a sharp shift in perception of the Muslim community in Hungary. This sparked my interest for the topic of my article. Currently I am a high school student residing in Cairo, and a budding writer.

More in Buzz

Spotify Launches in Egypt and MENA Region

Egyptian StreetsNovember 14, 2018

Cairo Photo Week Will Bring Egypt’s Photographers Together

Nour EltiganiNovember 14, 2018

The Egyptian Museum Gears Up to Celebrate World Children Day

Egyptian StreetsNovember 14, 2018

The Young Egyptian Girl Dedicating Her Time to Make Children With Cancer Smile

Mirna AbdulaalNovember 13, 2018

Cairo Hosts Makeup Workshop for Cancer Patients

Nour EltiganiNovember 13, 2018

‘MAYDAY’: The New Egyptian App Providing Roadside Assistance Services

Mirna AbdulaalNovember 12, 2018

El Abbasia Mental Hospital is Getting a ‘Face Lift’ Using Color Therapy

Nour EltiganiNovember 10, 2018

‘Diet Delight’: Delivering Delicious Healthy Meals Straight To Your Doorstep

Egyptian StreetsNovember 6, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.