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Konza City. Whats the progress so far?
Kausha
#21 Posted : Thursday, June 27, 2013 12:15:46 PM
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Joined: 2/8/2007
Posts: 808
Lets be a bit realistic here, even Nairobi lacks such quality as depicted on the renderings so what are the odds Konza will attain such quality. Look how long it took to pull off Thika highway and how long it has taken for JKIA to mended. I have said it severally Konza does't make sense and is unlikely to make sense in 10 years time.
Impunity
#22 Posted : Friday, June 28, 2013 10:38:53 AM
Rank: Elder


Joined: 3/2/2009
Posts: 26,328
Location: Masada
a4architect.com wrote:
@jamplu..thanks for letting us know the location. Such valuable info is not available on Konza city website.

Its in the middle of nowhere though but at least much better location than the Konza railway station very far of the tarmac.

Lets see how the companies that will migrate there will pan out economically. Based on history, i have never sen a city grow from no where without any salient attractive feature/economic activity. If this develops, it will be the 1st in the world.


In Dubai cities are built in the desert and people migrate there!
Id daent have to have some natural resources underlying.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

ahoo
#23 Posted : Friday, June 28, 2013 1:30:55 PM
Rank: New-farer


Joined: 2/20/2013
Posts: 47
Impunity wrote:
a4architect.com wrote:
@jamplu..thanks for letting us know the location. Such valuable info is not available on Konza city website.

Its in the middle of nowhere though but at least much better location than the Konza railway station very far of the tarmac.

Lets see how the companies that will migrate there will pan out economically. Based on history, i have never sen a city grow from no where without any salient attractive feature/economic activity. If this develops, it will be the 1st in the world.


In Dubai cities are built in the desert and people migrate there!
Id daent have to have some natural resources underlying.


Totally agree.why all the pessism.At the end of the day it will all be about the willingness of the government of the day.All they need to provide is the infrastructure.Human resource is available in plenty,and i can tell you kenyans are sharp considering my experience in many african countries.It will depend on how well the idea is sold to the IBMs,Microsoft et al to put up shop.They definitely have the big monies required,and desperately need Kenya as their hub in Africa
You were put on this earth to achieve your greatest self, to live out your purpose, and to do it fearlessly.
a4architect.com
#24 Posted : Saturday, June 29, 2013 3:48:14 PM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@impunity. Dubai was built using revenue from oil and Gas discovered in the early 60s.

Dubai's oil production is estimated to be about 240,000 barrels per day.

http://en.wikipedia.org/wiki/Economy_of_Dubai

http://en.wikipedia.org/...he_United_Arab_Emirates

http://www.economywatch.com/world_economy/dubai/


Konza neither has oil nor gas to fuel its economy.

@ahoo. If Govt can find another source of money apart from tax payer money and Worldbank loans paid back by taxpayers, we would have no problem .

Clarify on what you mean by Govt providing infrastructure.

Do you mean built up space for office/residence?

If its this, we already have infrastructure throughout the country for all classes, from Runda,Muthaiga to Kayole.
There is no relationship between provision of infrastructure in Konza and any sort of productivity wherer in IT or any industry.

A talented programmer will work as well from Muthaiga or from a 1 roomed shack in Mathare slums.
IBM,Microsoft etc have serious analysts who see through any sugar coated ideas so i doubt they would buy into such.

As we speak, over 80% of entities showing interest in Konza are Kenyan owned.

Artificialy created cities usually have unusually high cost of living since the human capital needed to enable reduction of costs is still not well formed eg Dubai.
No investor wants to set up in an expensive city. This means his cost of production will be higher , hence being less competitive.

Ever wondered why every rich neighbourhood has a slum nearby?

As Iron Sharpens Iron, So one Man Sharpens Another.
jamplu
#25 Posted : Tuesday, July 02, 2013 10:07:05 PM
Rank: Veteran


Joined: 3/25/2010
Posts: 939
Location: Nai
bw. @a4architect.com found this the proposed zoning by the ministry of lands....am just wondering
will the government buy the extra land within the 10km buffer its already allocated to individuals???
especially the red portion those are 2acres plots belonging to members of Konza Ranch.




murchr
#26 Posted : Tuesday, July 02, 2013 10:52:52 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
a4architect.com wrote:
@impunity. Dubai was built using revenue from oil and Gas discovered in the early 60s.

Dubai's oil production is estimated to be about 240,000 barrels per day.

http://en.wikipedia.org/wiki/Economy_of_Dubai

http://en.wikipedia.org/...he_United_Arab_Emirates

http://www.economywatch.com/world_economy/dubai/


Konza neither has oil nor gas to fuel its economy.

@ahoo. If Govt can find another source of money apart from tax payer money and Worldbank loans paid back by taxpayers, we would have no problem .The taxpayers who will be employed directly in this sector should not have a problem

Clarify on what you mean by Govt providing infrastructure. If am not wrong...he means roads water, rail, fibre layout, elec etc. I hope Konza will not have overhead electricity and telephone lines

Do you mean built up space for office/residence?

If its this, we already have infrastructure throughout the country for all classes, from Runda,Muthaiga to Kayole.
There is no relationship between provision of infrastructure in Konza and any sort of productivity wherer in IT or any industry.For Your Information, Nairobi has zero 0 nada infrastructure compared to the rest of the tech smart cities in the world. If i had all the money in the world I would host you here so that you conceptualize what Konza (should be) about. The Tech industry in Asia was born out of American industries setting up base there...Africans should warm up

A talented programmer will work as well from Muthaiga or from a 1 roomed shack in Mathare slums.
IBM,Microsoft etc have serious analysts who see through any sugar coated ideas so i doubt they would buy into such. I am one of the so called analysts in one of these firms mentioned here and believe me even with the promise that some days i would be working from home (remote), my boss always insists on my bum being in the office. And please dont be cheated that IBM will remain at Catholic Uni, they are recruiting those who will work for them once the dice falls in place. Why would they be arranging for Kenyans working abroad to come and work for them?

As we speak, over 80% of entities showing interest in Konza are Kenyan owned. what is wrong with that? Anyway, Most of these orgs dont invest in buildings..they will liase with the hass consults of this world and have a place built to their specifications then pay rent..they aint in the real estate business.

Artificialy created cities usually have unusually high cost of living since the human capital needed to enable reduction of costs is still not well formed eg Dubai.
No investor wants to set up in an expensive city. This means his cost of production will be higher , hence being less competitive.Wrong...its the opposite, no serious investor would consider setting up in a cheap city that would eventually turn out to be like downtown Nairobi, ever wondered why most firms and esp multinationals are heading towards upper hill?

Ever wondered why every rich neighbourhood has a slum nearby? Poor planning. Thats why Konza will have high speed trains to take their workers to the Nairobis and Machakos they will be living in



Now do an analysis of Bangalore India - Electronic City
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
wanyee
#27 Posted : Wednesday, July 03, 2013 9:48:10 AM
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Joined: 7/17/2011
Posts: 627
Location: Mbui-Nzau, Kikumbulyu
murchr ,,...Hats Offf
a4architect.com
#28 Posted : Wednesday, July 03, 2013 10:20:56 AM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@jamplu. Govt does not need to buy the land so as to effect the zoning controls. All it needs to do is create the by laws and enforce them. Unless someone in Govt would like to take advantage and eat, there is no need to buy the land.

For example, Govt can declare whre you currently live in Kenya to be zoned only for 10 floor highrise buildings, with parking for 100 cars, with ground coverage of 80% etc etc and this will become law whether you like it or not.


@murch. The taxpayers employed directly in konza are a drop in the ocean compared to money derived from all Kenyan taxpayers.If Konza gets say 10B from tax payers and pays a few guys 50m, there is a net loss of 9.5B to the economy.

Give examples of the tech smart city infrastructure then we compare. If possible, give video and picture comparison.

If you are one of the analysts for these blue chip IT firms, how comes you have not been able to convince them so as to tilt the over 80% local Konza investors?

Do you mean that firstly, the hass consults of this world will have to invest in Konza then the IBMs of this world later come to rent? How will the hass consults be assured that the real estate is suitable/appropriate for the IBMs?

Currently, Upper Hill and other leafy CBD suburbs have a lower cost of living eg taxi, food, photocopy etc coz of proximity to a over 100 yeas old city centre.

Its cheaper to do business from upper hill than from Konza.

New york city has brooklyn/harlem low income areas. London city has West London slums/Ealing area.
http://www.youtube.com/watch?v=LbB0cQLY5Ao
http://www.theatlanticci...s-their-backyards/3867/
As Iron Sharpens Iron, So one Man Sharpens Another.
a4architect.com
#29 Posted : Wednesday, July 03, 2013 10:48:06 AM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@murchr. Konza size and location is very wrong compared to Indias electronic city.
Indias electronic city is 300 acres compared to Konza s 5000 acres.
Indias electronic city is located 17 km from Bangalore city.
Bangalore city was founded in 1597.
http://en.wikipedia.org/wiki/History_of_Bangalore

Konza is 67km from Nairobi CBD compared to 17km for Bangalore.

Its over 400 years old, compared to Nairobi at 100.
Now,picture 17km from the epicentre of a 400 years old city.

This can only be compared to say 10km from Nairobi in terms of development.

Confirm all these for yourself in the google maps below.

17km from Nairobi CBD along Mombasa road is at Syokimau/Mlolongo area.
Now thats where Konza city should have been located for it to make sense.

Check the google map for Indias Electronic city . Take keen notice of disctance from Bangalore cbd and surrounding developments.

https://maps.google.com/...sp=1&sz=12&z=12

Now compare this to Konza below.
Take keen notice of distance from Nairobi CBD and developments around Konza. There are none.

https://maps.google.com/...=1,0&sz=14&z=10




Therefore, we cant compare Konza to Bangalore at all. Konza is in the middle of nowhere so zero viablility from my point of view. In the next 10 to 20 years, it will havr slowly gained viability but for now, its just a method of draining tax payer money.
As Iron Sharpens Iron, So one Man Sharpens Another.
a4architect.com
#30 Posted : Wednesday, July 03, 2013 11:09:46 AM
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Posts: 1,668
Location: nairobi
Land price is kes 200m per acre in Bangalore Electronic city.

http://pricetrends.makaa...pf=1&pt=3&tm=12

Compare this to Konza at 2 to 4m per acre.

This means that major ICT players are not inhibited by high land price so they can also afford Upper Hill with 200 to 300 m per acre prices.
As Iron Sharpens Iron, So one Man Sharpens Another.
Jus Blazin
#31 Posted : Wednesday, July 03, 2013 11:20:56 AM
Rank: Elder


Joined: 10/23/2008
Posts: 3,966
I am reminded of the time guys thought the expanded Thika Highway didn't make sense. We may use our intellect and intelligence to analyse some of these huge projects, but what we mostly need is wisdom and a visionary sense, like the men who built America; John D. Rockefeller (oil), Cornelius Vanderbilt (railroad), Andrew Carnegie (steel), Henry Ford (automobiles) and J.P. Morgan (finance).We shouldn't focus on Nairobi and its environs. Plus, if Machakos grows into a big city, it will be closer to Konza City, no?
Luck is when Preparation meets Opportunity. ~ Lucius Annaeus Seneca
a4architect.com
#32 Posted : Wednesday, July 03, 2013 11:42:05 AM
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Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@jus blazin. True. Lets use our intellect and intelligence to analyze these projects. This way, people who have used their intellect and found Konza viable can put in their money while the ones who dont see viability can save their money for other uses.

Using our tax payer money wholesomely in to a project we have analysed as a white elephant is unfair.

Rockefeller,Carnegie et al had solid development master plans based on viability.

Konza city has none. I would give it benefit of doubt if they at least mentioned some industry, say extraction of silicon from sand or doping the silicon or just anything.

But as for now, all am seeing is using tax apyer money to buy 500o acres,
using tax payer money to build buildings and roads,
Using world bank loans payabale by tax payers to buld more infrastructure etc

I need to hear of what will attract any one to the city. This attraction should be something that the current towns of Nairobi, Kajiado, Machakos, Thika and Naivasha can not be able to offer.

Also, dont compare Konza city with Thika road. Even if Thika road is designed to have 50 lanes, it still falls within the confines of a viable project internationally.

Thika road and any other road in Kenya is a viable way of investing tax payer money. Ther eis a direct corelation between road infrastructure and development.

There is no direct co relation between building a city/building/office in the middle of nowhere and ICT development or any development for that matter.

Please show me how Konza city investment will be of any use to the country.

Its obvious on how a road, port, airport, pipeline etc improves development but not a building in the middle of nowhere.

All the vision 20 30 projects make sense except Konza city.

Am yet to find any argument that is fool proof regarding Konza viability. Why should Govt use tax ayer resources to invest in the middle of nowhere while places where there is already an existing livelihood need such infrastructure badly?

Machakos has all the ingredients needed for Konza city. Its roughly same distance from Nairobi cbd, 60km.

Its a better and more viable location for ICT City than Konza.
As Iron Sharpens Iron, So one Man Sharpens Another.
Jus Blazin
#33 Posted : Wednesday, July 03, 2013 11:58:27 AM
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Joined: 10/23/2008
Posts: 3,966
@a4architect, you got me wrong. I said, we are looking at it from an intellect and intelligence point of view, that's why we are at loggerheads on the feasibility and viability of the project. What we need most now is wisdom and a visionary sense, not the intelligence. That's why I gave you the example of the men who built America. Most Americans at that time didn't think these projects would be viable... history shows otherwise.
Luck is when Preparation meets Opportunity. ~ Lucius Annaeus Seneca
a4architect.com
#34 Posted : Wednesday, July 03, 2013 12:08:00 PM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@ jus blazing. Konza city and many more new cities will emerge in Kenya at their time.

Take an example of Bangalore. The city is 400 years old. Take another example of Silicon vallye. Again it has over 200 years of History.

Konza as we speak has 0 years. There is nothing. A better bet would be either Nairobi or Machakos or Kajiado.
Lets learn from history and avoid wasting scarce resources on projects that can easily be analysed . Whats wrong with pumping the billions that Govt has to Machakos or Kajiado? Why Konza?
At least Machakos and Kjiado have some factors that are ingredients for growth of cities.
Cities dont just form. There are ingredients that come together to create the enabling environment. For Konza, a few people sat and just decided without checking how cities grow.

On the issue of the men who built America,Carnegie,Morgan,Rockefeller etc, am yet to see any such report that most Americans didnt think any of their projects will turn out to be un viable.

Their ideas then had a sense of viability. Its laughable to compare these Americans ideas to Konza. To me Konza can only be compared to Monkey see Monkey do situations, not intelectual projects conceived by Carnegie,Rockefeller et al.

In this case, someone sees Bangalore, Silicon valley then rushes home to look for thenearest bush to copy paste. They forget to look deeper into the whole concept, history,city growing ingredients, etc

Silicon valley is centered on Stanford reserch plus the real Silicon as in chemical symbol Si, which Hewlett and Packard spent years and years doping it to come up with the microchip that is the basis/heart of computers as we speak.
As Iron Sharpens Iron, So one Man Sharpens Another.
selah
#35 Posted : Wednesday, July 03, 2013 12:26:10 PM
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Joined: 10/13/2009
Posts: 1,950
Location: in kenya
a4architect.com wrote:
@ jus blazing. Konza city and many more new cities will emerge in Kenya at their time.

Take an example of Bangalore. The city is 400 years old. Take another example of Silicon vallye. Again it has over 200 years of History.

Konza as we speak has 0 years. Ther eis nothing. A better bet would be either Nairobi or Machakos or Kajiado.
Lets learn from history and avoid wasting scarce resources on projects that can easily be analysed . Whats wrong with pumping the billions that Govt has to Machakos or Kajiado? Why Konza?
At least Machakos and Kjiado have some factors that are ingredients for growth of cities.
Cities dont just form. There are ingredients that come together to create the enabling environment. For Konza, a few people sat and just decided without checking how cities grow.


I think the planning is just fine...Konza has the ingredient of being a city faster than any-other place.

You see the place has the space the infrastructure and a fantastic location for any business in-terms of access. You have Nrb, mombasa,Machakos and Voi in close proximity.The population in this town/cities offer test market for small cap companies...those shipping internationally Mombasa offers the best connectivity so I think the thinking behind Konza is spot on.

The only problem I find to be a bottleneck is the execution of the plan.The authority took so long to constitute,I dont even know if it is in place yet,This makes the project lack the focus that it needs....I think if money and brains were invested in this project as it is needed we would have seen a lot of progress by now.

I remember when Harambee sacco was putting up the new greenfield estate...the area was a bush no one thought anything would come of it...But they serviced the land and waited for the investors...at the time I remember the plots were btwn 500-600k that is in 2005/2006...Now the area has become prime...so I think if the govt really focused they would make Konza a reality in a very short time.



'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
a4architect.com
#36 Posted : Wednesday, July 03, 2013 12:41:01 PM
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Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@selah, Kajiado ,Naivasha and Machakos have the same city forming ingredients as Konza.
Why Konza and not Kajiado, Machakos, Naivasha?
For these older towns, its proof that there are some city forming ingredients already in place.

Greenfield estate is 11km from Nairobi CBD.

https://maps.google.com/...sp=0&sz=14&z=13


The reason it was successful is the proximity to CBD.If you go to a new city, say kigali or juba then get land 11km from cbd, its still abit green. This doesnt mean its unfeasible. Soon, development will encroach.
This is idfferent from Konza. Nairobi will naturally grow to join Naivasha, Thika, Kajiado and Machakos.

I recently designed a building in Kigali, 6km from kigali cbd. The area is not heavily populated and feels like Limuru in terms of development.

If anyone invests there and waits for 5 years, it will definitely grow .

Konza will also grow at some point but not within the next 10 years.
I have seen Mlolongo, athi river , machakos junction and chumvi towns grow within the last 10 years. What would make development take a leap from these small towns to jump into Konza?
Development is gradual.
Eg from Nairobi CBD to Buruburu to Doholm then finally to Greenfields.

If it jumped from Nairobi, to Buru buru then to Greenfields, overshooting Donholm, this means there is something not right eg Konza over jumping Mlolong, Athi river, Machakos junction and Chumvi.
As Iron Sharpens Iron, So one Man Sharpens Another.
selah
#37 Posted : Wednesday, July 03, 2013 1:48:16 PM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
@a4architect.com I think Konza is being designed in the form of Thika town...The reason companies based in thika did well was its close proximity to the city and central province.

My take is ,Konza has alot of advantages esp when you consider the cost of land in the towns you have indicated. I remember sometimes back Athi river,Mlolongo and parts of Machakos were given free to companies or industries setting shop there by the govt.

I think if you consider the amount the govt paid for the land in Konza with the amount investors would fork out in the towns you mentioned you would agree setting up a new project would be more cost effective than buying /compensating people in established towns just to create an ICT zone/Park.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
Chaka
#38 Posted : Wednesday, July 03, 2013 2:16:56 PM
Rank: Elder


Joined: 2/16/2007
Posts: 2,114
Do these Konza techno city guys have an exit plan just in case the project flops?Does Kenya still hope to re-invent the wheel by manufacturibng cars locallly as in the Nyayo Pioneer Car..?
a4architect.com
#39 Posted : Wednesday, July 03, 2013 2:46:57 PM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
@selah. If Konza is being designed like Thika town, why doesnt Govt just pump in the Billions into Thika town? Thika has large swathes of land in Juja, along Garissa road , towars Gatanga and towards Nyeri.

As shown above using the Bangalore electic city, the land cost is kes 200m per acre so high land cost is not an impediment to blue chip ICT firms or startups. Nailab, along Ngong road, incubates startups and sits on land costing kes 200m per acre.

Again, regarding creating a new ICT park, Bangalore size is 300 acres. Government has several hundreds of acres of land nearer to CBD eg Athi River EPZ, KMC, K.U, JKUCAT,Nairobi National Park,EAPortland cement Athi River, Syokimau Machine factory land etc etc.
Its now very apparent that over 80% of investors are local. This represents a zero sum in that you take the local investors tax payer money, then you use the same money to buy land then ask them to buy the same land from you. It could at least work if some foreghers bought into this. As it is, the idea that

1. Govt owns all land in Kenya including Konza.
2.Govt allocates the Konza land to individuals.
3.Govt buys the Konza land back from the individuals.
4. Govt resells the same Konza land to other individuals.

Surely, either the ministry of Finance is asleep or am just not understanding fiscal economies.

This is the perfect way to create Government interference/economic distabilisation into the capitalistic environment.

In other countries that practice Capitalism, this could have raised a red flag and someone put to task to answer why.
Its either Govt allows private sector to run businesses while it creates, implements and enforces policies such as zoning controls or we agree Govt can also be allowed to do business/buy/sell land and compete with other real estate businesses eg Suraya, Tatu city etc.
As Iron Sharpens Iron, So one Man Sharpens Another.
murchr
#40 Posted : Wednesday, July 03, 2013 4:38:28 PM
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Joined: 2/26/2012
Posts: 15,980
a4architect.com wrote:
@murchr. Konza size and location is very wrong compared to Indias electronic city.
Indias electronic city is 300 acres compared to Konza s 5000 acres. - Agreed, that is one factor that I wanted you to look at
Indias electronic city is located 17 km from Bangalore city. That is one of the problems that EC is gapling with, they went too close to bangalore that they inherited the problems of bangalore...slums and the etc that come with it.
Bangalore city was founded in 1597.
http://en.wikipedia.org/wiki/History_of_Bangalore
Even Machakos is old smile Nairobi was nothing when it was developed.
Konza is 67km from Nairobi CBD compared to 17km for Bangalore. Perfect there's no benefit of being near nairobi, what is important is to be near an airport. How far is the proposed Konza site from Machakos?

Its over 400 years old, compared to Nairobi at 100.
Now,picture 17km from the epicentre of a 400 years old city. As stated above, the reason why ECity has over 800 slums is because it went too close to an existing city which had its own problem. Right now their main problem is water and power not being sufficient for the residents (poor Planning)

This can only be compared to say 10km from Nairobi in terms of development. Again any extension to what is Nairobi now is just a disaster. Just go thru wazua and count the number of threads on traffic jams....it might be difficult to believe but there are cities where a commute equivalent to that of town - juja doesnt take the time that it takes even on the so called super highway

Confirm all these for yourself in the google maps below.

17km from Nairobi CBD along Mombasa road is at Syokimau/Mlolongo area.
Now thats where Konza city should have been located for it to make sense. Whats so special with Nairobi that you think everything should surround it? Let me remind you that Machakos was also once a city but the colonialists moved it to what is now Nairobi

Check the google map for Indias Electronic city . Take keen notice of disctance from Bangalore cbd and surrounding developments.

https://maps.google.com/...sp=1&sz=12&z=12

Now compare this to Konza below.
Take keen notice of distance from Nairobi CBD and developments around Konza. There are none.

https://maps.google.com/...=1,0&sz=14&z=10

Distance doesnt matter...Nairobi is a shit-hole bursting out of proportion and lacks heavily in infrastructure and planning


Therefore, we cant compare Konza to Bangalore at all. Konza is in the middle of nowhere so zero viablility from my point of view. In the next 10 to 20 years, it will havr slowly gained viability but for now, its just a method of draining tax payer money.The problem with you is you view issues from a copy and paste perspective..."because a was built near bangalore so b should be built near Nairobi...My main reason of telling you to look at Ecity was so that you evaluate their concept, progress since the 70s till now...their biggest failure was the lack of focusing on infrastructure infact..they started doing so in the 90s and thats when huge multinationals started setting base. Even today...its claimed that the biggest worry is that the infrastructure is not up to standard infact Infosys's Chairman wants an Airport that serves the city exclusively...so why not plan before hand to avoid these problems in the future? Learn from other peoples mistakes..not copy/paste everything including their failures...

"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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