more bad mouthing of somalis in kenyan media

[BODHI]

The collapse of the Somali state in 1991 gave rise to the shopping mall phenomenon in Nairobi’s Eastleigh area.

It began sometime in 1994, when refugees staying at Garissa Lodge, the once undistinguished lodging located near the corner of Wood Street and Eastleigh 1st Avenue, began using their rooms as daytime shops.

The two-storied building quickly became the business model for the neighbourhood’s rapidly expanding retail bazaar.
By 1998 there were at least eight other converted-building malls; a second generation of shiny new commercial buildings began sprouting up soon afterwards.

The business model spread to other towns and reproduced itself in neighbouring countries.

Garissa Lodge remains the spatial hub of the expanding commercial juggernaut dominated by Somalis of the diaspora.

The flow of capital into Kenya continues and Somalis have been purchasing urban property in Nairobi and Mombasa at a rate raising alarm in many quarters.

In Mombasa, for example, resentment among the town’s Swahili and Asian Muslims is rising. The spread of open-air stalls centred at Mackinnon market clogged the narrow lanes of Old Town then crossed Kenyatta Avenue.

Somalis have now bought out virtually all the local wholesale and retail shops in Bondeni. Somalis in search of prime urban businesses and property are willing to pay prices that make resistance futile.

The last time I was in Mombasa, friends pointed out a 2.5 acre property between Mwembe Kuku and Kilifi, valued at approximately Ksh30 million ($400,000) before the latest boom, that was recently sold for Ksh215 million ($2.86 million).

Similar reports abound in Nairobi. While the premiums paid rarely approach the 7x multiple of “natural” value in the case above, the phenomenal scale of Somali investment in Kenyan real estate is beginning to transcend conventional economic rationality.

Where does this capital come from? Many Kenyan observers claim the ransoms paid to Somali pirates account for the lion’s share of the cash inflating urban real estate values.

The Somali may be the world’s thickest-skinned entrepreneurs, but neither this trait nor the successes of Somali pirates over the past several years sufficiently explain the mystery of Somali capital.

Knowledge of the pirate business and how its profits are distributed make the pirate hypothesis easy enough to debunk.

Suppliers providing for the pirates’ supplies and the maintenance of the captured crew during the period between capture and ransom are reimbursed off the top.

Local elders and other politicians receive up to 10 per cent of the ransom. Investors involved in the management of maritime intelligence, negotiations, and transfers, in addition to covering fixed costs (vessels and equipment), receive a 30 per cent share. Another 30 per cent is divided among the crew.


http://www.theeastafrican.co.ke/news/-/ ... index.html

[BODHI]

here is what someone said

Submitted by george3336
Posted May 10, 2010 12:36 PM

The business Somalis are bringing to kenya does not benefit kenya at all, infact what the writer is glorifying is a mere flattery, Somalis are known for dirty business, money laundering,counterfeits,criminality.these have negative effects on our economy, please check your facts before writing

[garowegal]

As if Garissa lodge isn't good business itself? They burnt it to the ground in the late 90's and it came back stronger. I've said this once before Somalis should move their business to the NFD let the Kenyans come all the way to the North to buy from us.

[udun]

As if Garissa lodge isn't good business itself? They burnt it to the ground in the late 90's and it came back stronger. I've said this once before Somalis should move their business to the NFD let the Kenyans come all the way to the North to buy from us.

Yup, you got it girl. I can never understood why we are investing the land of other people when we have our own land and people in NFD. Thank you sister.

[gedo_gurl]

Because no-one will come to the NFD for shoes and socks and caano booro.

Kenyans are lazy backward fuckwits and the Somalis have shown them what potential they had in front of them all along, now they decide to kick up a fuss, because other blacks are gaining where they failed. They never complained when the Asians started taking over business since the days of indentured labour, when they began beating their Kenyan housemaids, when they own so much....when the Europeans still colonise them (its like the 20's the way they act towards them walle).... f-king lazy donkies.

[ciyaal_warta]

who cares about fufu eating mofakaz we gona take over their country sooner or later

[Cirwaaq]

Viva Somalians

I fear for Ethiopia and Kenya they are holding onto land belonging to somalis and in the process they have failed to forsee Domination is imminent.

Why settle for NFD when somalis are beging to dominate the entire economy and can one day run for office in Nairobi.

[zidane88]

Viva SOMALIANS. you suck locally,you rock abroad.