Egypt’s first smartphone maker expects market share to increase
SICO Tech, the first Egyptian smartphone maker, expects to capture 17% of the country’s smartphone market by 2020, up from 2.7%, according to Reuters.
Mohamed Salem, CEO of Silicon Industries Corporation (SICO), said in an interview that the company appeals to low-income customers whose price has long been unable to take advantage of smartphone usage. He expects the increase in market share to come directly from this demographic. SICO has sold around 120,000 cell phones since the phone was sold in February. Salem hopes to have sales of £ 1.2 billion by the end of this year and sales of £ 2.5 billion by 2020.
Speaking about expected growth in a recent interview with Reuters, Salem said: “[SICO’s] The aim is for exports to reach 60 percent of our production by 2020, ”he added, adding that the company hopes to“ expand in Arab markets and Africa in the period ahead ”. Salem also believes sales will increase as the Egyptians’ efforts to shop locally.
The company has so far invested £ 440 million in the development of six types of smartphones. They went on sale under the name ‘Nile X’. When developing the smartphone, SICO entered into a partnership with the Chinese company Megane, as Egypt Independent reports. The design includes an LCD display and touch panel and 4G capabilities, impressive elements given the low cost that 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 was very excited earlier this year when it announced the opening of pre-order.
The company currently has locations in Cairo, Egypt, Nairobi in Kenya and Dubai in the United Arab Emirates. In Egypt alone, the company has “five production lines on 4,520 square meters [with] a capacity [to produce] 1.8 million devices per year, ”reports Egypt Today.
SICO’s success bodes well for an up-and-coming entrepreneurial scene in Egypt that is promoting technological development in the country. As part of a report on the world’s best start-up hubs, Virgin listed Cairo as an ideal and affordable location for business start-ups. SICO hopes to take advantage of the low production costs as well as the untapped, low-income market to increase its market share in the future.
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