Ok this is rather old news (2010) but one that is still perpetuated across Kenyan and international media today.
Introduction:
During 2009-2010, the ever growing property market (especially in Nairobi) had been growing to such an extent that it was at "bubble" status.
Also during (and well before) this time, Somali business activity in Kenya was also growing and individual Somalis were snapping up property in prime/sub-prime locations.
Kenyan media ran stories that insinuated that Somali piracy cash had been fueling this rise and major western outlets from NBC to the respected Financial Times even reported on it.
https://www.ft.com/content/160f7b24-29b0-11e2-a5ca-00144feabdc0
http://www.nbcnews.com/id/34661327/ns/world_news-africa/t/somali-pirates-behind-kenya-property-boom/
NAIROBI, Kenya — Property prices in Nairobi are soaring, and Somali pirates are getting the blame.
The investigation has drawn angry reactions from the Somali community, and business leaders said Somalis would not cooperate with the investigation and may go to court to try to stop it.
And they were absolutely right to be angry about this since 3 YEARS LATER the world Bank and interpol out of all places debunked this shit.
http://allafrica.com/stories/201311130970.html (paid)
A World Bank, UNODC and Interpol study seeking to ascertain the destination of ransom money paid to Somali pirates has ruled out its influence on Kenya's property prices.
Even before this vital source from the big guns, i knew that piracy moolah fueling Kenyan property/business was a silly myth.
So here's another report from a RESPECTED AND RENOWNED British think-tank, Chatham House regarding Somali success in Kenyan business.
"But in reality the value of Somali trade and investment in Kenya is much larger than the proceeds of piracy. Anecdotal evidence points to investments of over $1.5 billion in Eastleigh in 2004. Ransoms in 2009 were estimated at around $100 million."
http://www.chathamhouse.org/sites/default/files/public/Research/Africa/bp0311_abdulsamed.pdf
So in bloody 2004, Kenyan Somalis were rolling in the dough long before piracy became a scourge in the open seas.
Tldr: jealous Kenyan neanderthals and later western media state that piracy is fueling property boom when it's not the case
Also, @NAF you need to be more critical when it comes to media portrayals regarding Somalis (economist article you posted) and not take it at face value.
@Canuck did i do well? I want to be a disciple of yours and fight somalophobic injustice!
Introduction:
During 2009-2010, the ever growing property market (especially in Nairobi) had been growing to such an extent that it was at "bubble" status.
Also during (and well before) this time, Somali business activity in Kenya was also growing and individual Somalis were snapping up property in prime/sub-prime locations.
Kenyan media ran stories that insinuated that Somali piracy cash had been fueling this rise and major western outlets from NBC to the respected Financial Times even reported on it.
https://www.ft.com/content/160f7b24-29b0-11e2-a5ca-00144feabdc0
http://www.nbcnews.com/id/34661327/ns/world_news-africa/t/somali-pirates-behind-kenya-property-boom/
NAIROBI, Kenya — Property prices in Nairobi are soaring, and Somali pirates are getting the blame.
The investigation has drawn angry reactions from the Somali community, and business leaders said Somalis would not cooperate with the investigation and may go to court to try to stop it.
And they were absolutely right to be angry about this since 3 YEARS LATER the world Bank and interpol out of all places debunked this shit.
http://allafrica.com/stories/201311130970.html (paid)
A World Bank, UNODC and Interpol study seeking to ascertain the destination of ransom money paid to Somali pirates has ruled out its influence on Kenya's property prices.
Even before this vital source from the big guns, i knew that piracy moolah fueling Kenyan property/business was a silly myth.
So here's another report from a RESPECTED AND RENOWNED British think-tank, Chatham House regarding Somali success in Kenyan business.
"But in reality the value of Somali trade and investment in Kenya is much larger than the proceeds of piracy. Anecdotal evidence points to investments of over $1.5 billion in Eastleigh in 2004. Ransoms in 2009 were estimated at around $100 million."
http://www.chathamhouse.org/sites/default/files/public/Research/Africa/bp0311_abdulsamed.pdf
So in bloody 2004, Kenyan Somalis were rolling in the dough long before piracy became a scourge in the open seas.
Tldr: jealous Kenyan neanderthals and later western media state that piracy is fueling property boom when it's not the case
Also, @NAF you need to be more critical when it comes to media portrayals regarding Somalis (economist article you posted) and not take it at face value.
@Canuck did i do well? I want to be a disciple of yours and fight somalophobic injustice!
