SICO to raise its investments to LE 1B in 3 years

CAIRO – 27 June 2018: SICO Technology seeks to raise its investments to LE 1 billion from LE 420 million in three years, according to Chairman of the company Mohamed Salem.

This came during the ceremony of launching the first Egyptian tablet, named SICO Express 3.

Salem said that SICO exported the Egyptian mobile to the United Arab Emirates and is going to export it to Saudi Arabia, Kuwait and countries of East Africa.

Salem said earlier that the tablet has been manufactured in the technological area in Assiut, with a local manufacturing rate of up to 45 percent.

“A total of 10,000 tablets will be officially launched in the market within two weeks at a price LE 1149,” he added.

The chairman noted that the company has six production lines and is working on doubling them to speed growth, adding that they will also work on doubling the local components inside the device in the future.

Former Minister of Communications and Information Technology Yasser el-Kady and Minister of Supply and Internal Trade Ali Moselhi launched the first Egyptian- manufactured smartphone "SICO" on February 19.

E-SICO is expected to be priced at an average of LE 2,000 ($112); the foreign components in the device are provided through partnership with China.

SICO Technology is planning to acquire 5 percent of Egypt’s mobile phones market share in the first year of selling.

The company’s technical centers will be in Cairo, Giza, Alexandria, Assiut, Sharqia and Luxor governorates.

Mobile phones subscription in Egypt recorded 110 percent in January 2017, with 98.2 million users, according to the Ministry of Communications and Information Technology.
Meanwhile, mobile internet users registered 26.16 million subscriptions in the same month.