Daaru Salaam city, Mogadishu

[Saalax]

Good innovative from local businessmen.

 

[Holac]

A gated community with the wrong name. Another example of Somalis going overboard with Arabic names.

[Saalax]

<cite>

@Holac

said:</cite>

A gated community with the wrong name. Another example of Somalis going overboard with Arabic names.

 

 

Other than the name gated community is good business in Mogadishu, since wealthy

buyers want extra protection from Al shabab.

[galbeedi]

Did you guys hear at 2:16 , he said Somali bank" ayaa maalganayo $20 million. We have a central bank which basically is government deposit and salary dispenser. how could they lend someone 20 mil.

 

Can some one elaborate. What kind of bank is willing to give 20 million for someone to build gated communities. Let them raise their own money from private investors. Unless they clarify, this smells like connected people getting rich without hard work.

[galbeedi]

Waar magaaldan mishaarkii ciidanka la laayahay ee hadana daaraha laga wada dhisanayo. Tolow xagay wax iska qaban laayihiin?.

 

Who is paying all this huge sky crappers in the city?. Is this the looted money from the UN and the gulf?, someone must explain.

[xabad]

<cite>

@galbeedi

said:</cite>

Waar magaaldan mishaarkii ciidanka la laayahay ee hadana daaraha laga wada dhisanayo. Tolow xagay wax iska qaban laayihiin?.

 

Who is paying all this huge sky crappers in the city?.

Is this the looted money from the UN and the gulf?

, someone must explain.

 

Yes..

 

 

[malistar2012]

Salaam Bank of Somalia Privately owned Bank Salaam Somali Bank is the financier of the project .

 

 

 

mogadishu is booming with Population over 2.5 million people and another 2 million on the outskirt .

 

Huge Somali diaspora Investment + Foreign Investment .

 

 

[YoniZ]

<cite>

@galbeedi

said:</cite>

Did you guys hear at 2:16 , he said Somali bank" ayaa maalganayo $20 million. We have a central bank which basically is government deposit and salary dispenser. how could they lend someone 20 mil.

 

Can some one elaborate. What kind of bank is willing to give 20 million for someone to build gated communities. Let them raise their own money from private investors. Unless they clarify, this smells like connected people getting rich without hard work.

 

The project is owned and funded by Hormuud and its financial arm Salaam Bank. They have just completed 7 KM tarmac road connecting the estate to the old Industrial road (Jidka Warshadaha).

 

In my opinion, the idea behind this project is to have some sort of save havens for the middle class Somalis, Gated neighborhoods is popular in Nairobi.

 

Even in Mogadishu itself, you have heavily protected gated neighborhood at the Halane - Jazeera area for Westerners and their business associates.

 

Coming back to the question, where these guys get 20+ million money from. They are the Rockefellers' of Somalia. Since they control most of the liquidity in the country (EVC, Sahal, Zaad), they are the De-facto central bank of Somalia including Somaliland and Puntland.

 

Every person/business have some sort of daily interaction with there payment/saving mechanisms in all over the country. The money funded from this project could well be, pooled savings of the Somalis. That makes this project locally funded.

 

The debate of whether these guys should be allowed to control the lion share of the nations wealth is a one that needed to happen sooner or later. The role of the Central Banks (Federal, Regional) is very limited for reasons we all are aware of. As it stands, I will trust my money with these guys, until I see responsible leadership in every level.

[galbeedi]

Malister and Yoniz thanks for clarifying. It is a private bank. That is fine with me. The issue taxing them and regulating is another Mather.

 

[Abshir1508736700]

Hormuud ,Salaam bank and all other privately owned bussiness is taxed and they pay their fair share to the gov which in turn use that money for security purposes albait in a hazaphard manner.Hormuud and there is also nationlink.