Angola’s Corrupt Building Boom: ‘Like Opening a Window and Throwing Out Money’

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The skyline of the capital, Luanda, was quickly reshaped with skyscrapers. Gigantic satellite towns, the likes of which had never been seen in Africa, mushroomed in the outskirts of Luanda. New roads and railways stretched into the interior.


But Angola’s reconstruction and oil boom also presented the politically connected — those with “relatives in the kitchen,” as Angolans say — with a golden opportunity for self-enrichment. In an economy driven by President José Eduardo dos Santos, his inner circle of family and allies have amassed extraordinary wealth.

The president’s eldest daughter, Isabel dos Santos, has become Africa’s first female billionaire, according to Forbes Magazine, which estimates her wealth at $3.3 billion.

But as a drop in oil prices has stilled the cranes across Luanda’s skyline, and as Mr. dos Santos prepares to step down this year after 38 years in power, the country’s reconstruction, and the wealth of its ruling class, are coming under greater scrutiny and criticism — even from insiders.

 

[Somali psycho]

The skyline of the capital, Luanda, was quickly reshaped with skyscrapers. Gigantic satellite towns, the likes of which had never been seen in Africa, mushroomed in the outskirts of Luanda. New roads and railways stretched into the interior.


But Angola’s reconstruction and oil boom also presented the politically connected — those with “relatives in the kitchen,” as Angolans say — with a golden opportunity for self-enrichment. In an economy driven by President José Eduardo dos Santos, his inner circle of family and allies have amassed extraordinary wealth.

The president’s eldest daughter, Isabel dos Santos, has become Africa’s first female billionaire, according to Forbes Magazine, which estimates her wealth at $3.3 billion.

But as a drop in oil prices has stilled the cranes across Luanda’s skyline, and as Mr. dos Santos prepares to step down this year after 38 years in power, the country’s reconstruction, and the wealth of its ruling class, are coming under greater scrutiny and criticism — even from insiders.

Luanda is the most expensive city for expatriates.For instance, the cost of renting an unfurnished three-bedroom house of "international standards in an appropriate neighborhood" is put at a whopping $13,000 US dollars (£10,300) a month.

It's more expensive than NY or Hong Kong

 

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It's more expensive than NY or Hong Kong

All that with 9Billion barrels. Little old buttland has more oil than Angola and that's not even including Jubbalands monster offshore reserves.

 

[Striker]

We should extract our oil when we have stable government.

Angola was built with oil. I heard 98 percent of its economy is oil

The stupid leader is not investing in other sectors and his country is even importing burgers.

In order words

stupid leader plus oil = Angola