Egyptian mobile manufacturers, Silicon Industries (SICO technology), released its first home-based manufactured smartphone across the country on Monday.
Although, the foreign components in the device are provided through partnership with China, Mohamed Salem, Chairman Egyptian Silicon Industries however confirmed that “the percentage of local component is 45 percent.”
SICO mobile phones represent the first local brand in the industry, as the smartphone would be manufactured by the company’s factory in New Assiut Park with investments worth 400 million Egyptian pounds.
With the new smartphone, SICO Technology is planning to acquire 5 percent of Egypt’s mobile phones market share in the first year of selling and is expected to be priced at an average of 2,000 Egyptian pound ($112). The newly introduced smartphone will be distributed regionally in the African and Middle Eastern markets.
SICO has produced products in the local market since 2003, rolling out PCs, smartphones and tablets with a capital of 2 million Egyptian pound.
At as 2017, the number of smartphones in the Egyptian market increased by 12.3 percent to 23.6 million from 21.0 million in 2016. Projections are, the number of smartphones in Egypt will reach 25.8 million by 2018 and would rise further to 27.9 million by the end of 2019.