Iraq’s Economic News Channel visits SAK Corporate offices in Baghdad
Following the recent flurry of activity posted by Sanna Al Kassir (SAK) regarding its recent contracts with Iraq’s Ministry of Trade - State Company for Construction Materials; The Iraq Economics News (IENN) Channel came to visit to see what was happening.
On a busy Tuesday evening following several meetings and on a day of pilgrimage, Arbaeen - the religious pilgrimage following Ashura Muharem; representatives Ali Saadoon, Reporter; Ahmed Mahdi, photo journalist; Jawad Kadthem, Sound Engineer; Abbas Kamel Al Essawi, Managing Director; and Shaamel Abbas Al Essawi, Production Editor from Iraq’s Economic News Channel, paid a visit to the office of Sanna Al Kassir. The visit was well received as it was timely considering SAK had just signed its third major import support contract with the Ministry of Trade - State Company for Construction Materials. The contracts being: one for Ordinary Portland Cement and the second for Sulphur Resistant Cement were completed before the month of January 2010 closed. Equally impressive was the two year contract to supply steel to the Ministry of Trade - State Company for Construction Materials signed the morning of IENN’s visit.
One of the primary reasons for IENN’s visit was to confirm the contracts and offer congratulations to the members of the Baghdad SAK staff. During the interview, SAK CEO: R. M. Hultz was asked specifically about SAK’s expectations. Hultz affirmed “SAK’s primary goal is to participate in Iraq’s reconstruction; but to do so in a manner that is in the best interest of the Iraqi people.” Hultz continued “Our economic philosophy is not purely profit driven; there are plenty of opportunities in Iraq so there is no need for our company to seek all of its expected annual profits in the body of just one contract or one project.” A core principle of SAK's corporate philosophy is to assist countries with emerging markets in developing and implementing programs to provide goods and services to their citizens at internationally accepted market prices and to avoid the excessive profit taking that can occur in post war reconstruction.
IENN inquired as to examples of how SAK applies these principles in a manner which not only aids in Iraq’s reconstruction, but also how it better helps the Iraqi people. Hultz offered details of a sugar contract currently in the hand of the Ministry of Trade - Company for Food Stores: Raad Al Maas, General Manager and Chairman of the Board. Hultz stated “the General Manager has a contract that has been under review for four months. In this contract our prices are stipulated at a rate 15% lower than our closest competitor. If we were strictly profit driven we would have quoted a price at the extreme limit the market would allow.”
“By keeping SAK prices more competitive we: meet the needs of the Ministry to serve the Iraqi people; aid the Ministry in a manner in which it can extend its reach to serve a greater number of citizens by enabling the Ministry to purchase even more basic commodities from not only us, but also from the other trading companies supporting the Food Subsidy Program. This in turn supports the citizens who rely on the food distributions issued by the Ministry of Trade.”
“Yes it’s true, it may cut into our profits a little but we feed more people and we think we can all sleep a little better at night knowing that.” Hultz added. SAK’s strategy is not to corner a market but to establish a niche, whereby they can exercise this and other larger investment projects funded by its partnered investment groups and afford the Ministry of Trade space and time to deal with some of the many other issues it faces without the constant expense in time and resources to renegotiate product prices on an almost monthly basis. Hultz offered, “SAK is in a position to provide the Iraqi People 50K MT of sugar at its current fixed price for a full two years with no increase of price, provided the Minister can sign an agreement under reasonable terms within the next seven business days.”
Hultz extend special thanks. “I have been in Iraq for almost seven years in one capacity or another. I have had the opportunity to meet hundreds of wonderful people all who, in some way helped shape Sanna Al Kassir into the company that is now. We would like to thank IENN for taking the time to get to know SAK and extend our gratitude to Maha Talib Ali Al Marasomi for bringing IENN and SAK together. We look forward to working together in the future. To Abdulmassen Al Rikaby and Khalil Al Hadith and their staff at the Company for Construction Materials, and a special thanks to Ali Hadi Al Mousawi, the Prime Ministers Press Secretary; for reaching to and embracing SAK; and broadcasting to the Iraqi people that foreign Investors are here, will continue to come here and all with a desire to help in some way.”
Sanna Al Kassir in conjunction with its partners operates offices in Australia, China, Dubai, Jordan, Lebanon, Switzerland, Saudi Arabia and the United States and has maintained an active presence in Iraq since early 2005
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