According to local media outlets, Egypt’s first smartphone maker has plans to boost exports by entering the African broader market by the end of this year or beginning of 2019.
SICO, short for Silicon Industries Corporation, already has a market in the Gulf. However, it is planning on selling phones in South Africa, Nigeria, Morocco, Mozambique, Ghana, Kenya and the Democratic Republic of Congo where is there a steady demand for affordable phones unlike the Gulf where competition is already high.
The decision was stated by SICO Sales Director Mahmoud Ali according to Reuters who also said that phones would be sold at US $50 or $60 outside of Egypt. Currently, the company keeps 60 percent of its production and exports the rest.
SICO Tech, which was set up last year with a capital of 150 million EGP, is the first Egypt based technology and handset manufacturer of reliable and affordable 4G smartphones introducing personal devices like tablets and smartphones.
The company has invested 440 million Egyptian pounds into the development of six types of smartphones so far. It plans to introduce new phones and products, bringing its total products line to 14.
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; as such, the phone use a Chinese design of 3G/4G U.S. technology.
The company is held jointly by private investors who hold up 80 percent and the 20 percent by Ministry of Communication.
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.
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.
The idea of exporting SICO technology to neighboring countries in Africa was first introduced in July of this year.
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.
According to Ali, the company’s target for 2020 is 2.5 million pounds.
Comment (1)
[…] Source link […]