Egypt’s first smartphone maker to export to Germany next month

Egypt’s first smartphone maker SICO aims to export 50 percent of its products by the end of next year. (AFP)
Updated 29 October 2019

Egypt’s first smartphone maker to export to Germany next month

  • SICO signed an agreement in October with a company operating in Europe to market its products
  • Egypt’s first smartphone maker currently exports around 25 percent of its capacity

CAIRO: Egypt’s first smartphone maker, SICO, said it will begin exporting its devices to Germany in November as part of its expansion plan to sell its products in Europe and Africa, its chairman told Reuters.
Silicon Industries Corporation (SICO), which already exports to the Gulf and aims to start selling phones in other European countries, said it signed an agreement in October with a company operating in Europe to market its products.
“We will begin exporting from Upper Egypt to Germany, Holland, Austria, and then Sweden, Norway and Finland,” its chairman Mohamed Salem said.
SICO, which was set up in December 2017 and has 200 million Egyptian pounds ($12.43 million) in paid-up capital, sells phones under the brand name Nile X and has said it uses a Chinese design of 3G/4G US technology.
Its plant in Assiut, Upper Egypt, has a production capacity of 2 million devices annually.
“We signed agreements with three Chinese companies to manufacture phones for them for export to Africa and to offer on the Egyptian market,” Salem said.
“We started manufacturing them a month ago and the first of these products will be distributed inside the Egyptian market next week.”
Private investors own 80 percent of the company and the remaining 20 percent is held by Egypt’s Ministry of Communications and Information Technology.
SICO currently exports around 25 percent of its capacity, Salem said. It aims to export 50 percent of its products by the end of next year.


Oil recoups losses as OPEC, US Fed see robust economy

Updated 14 November 2019

Oil recoups losses as OPEC, US Fed see robust economy

  • US-China trade deal will help remove ‘dark cloud’ over oil, says Barkindo

LONDON: Oil prices reversed early losses on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020.

Also supporting prices were comments by US Federal Reserve Chair Jerome Powell, who said the US economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt.

Brent crude futures stood roughly flat at around $62 per barrel by 1450 GMT, having fallen by over 1 percent earlier in the day. US West Texas Intermediate crude was at $56 per barrel, up 20 cents or 0.4 percent.

“The baseline outlook remains favorable,” Powell said.

OPEC Secretary-General Mohammad Barkindo said global economic fundamentals remained strong and that he was still confident that the US and China would reach a trade deal.

“It will almost remove that dark cloud that had engulfed the global economy,” Barkindo said, adding it was too early to discuss the output policy of OPEC’s December meeting.

HIGHLIGHT

  • US oil production likely to grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations.
  • The prospects for ‘US crude exports had turned bleak after shipping rates jumped last month.’

He also said some US companies were now saying US oil production would grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations — reducing the risk of an oil glut next year.

US President Donald Trump said on Tuesday Washington and Beijing were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony.

“The expectations of an inventory build in the US and uncertainty over the OPEC+ strategy on output cuts and US/China trade deal are weighing on oil prices,” said analysts at ING, including the head of commodity strategy Warren Patterson.

In the US, crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.

ANZ analysts said the prospects for US crude exports had turned bleak after shipping rates jumped last month.