"Let’s remit about $50 million (1%) of the projected $4 billion remittances to DUT and grow our wealth,” said Dr. Wilson Endege of Boston, MA, USA during Diaspora University Town (DUT) Saturday Zoom meeting. Diaspora Kenyans who have progressed and invested in the DUT project were happy to hear that they had created wealth of Ksh 5 billion. They endorsed the 2024 plan for growing this wealth to Ksh 25 billion as they open Diaspora University, create 3,000 jobs and a town settlement with 4,000 residents emerges. The $50 million (about Ksh 7.5 billion) from Diaspora would be reflected in the Ksh 25 billion new wealth and would grow to about Ksh 10 billion value.
During the meeting, Dan Kamau the Executive Trustee and project director reported on the Ksh 5 billion and the Ksh 25 billion projected growth.
The first report was on Diaspora University Trust that at the close of 2023 had Assets/Endowment valued at Ksh 3.2 billion held as 2,548 plots and other assets. Dan said, “In 2024, the Trust assets will grow to about Ksh 6 billion of the Ksh 25 billion as Diaspora University opens.”
The second report was on the 3,500 townhouses development plan that the Trust is implementing on behalf of Investors. Dan said that at the close of 2023, 1,200 units were being developed by 440 developer’s files. He said the value of the 1,200 units is Ksh 600 million. On the 2024 plan, Dan said the 3,500 townhouses plan will grow to a value of Ksh 7 billion in the Ksh 25 billion. He said the value will be composed of 3,000 plots that will be allocated to developers and valued at Ksh 3 billion; and, on the 500 townhouses that will be completed and valued at Ksh 4 billion. The completed townhouses will support the opening of Diaspora University.
The third wealth report was on MSMEs. Dan reported that the MSMEs setting up at DUT that include Daktari Biotechnology Ltd, DUT Credit Ltd, DUT Materials and other MSMEs, have assets valued at Ksh 1.2 billion. He said that by the end of January 2024 about 40 MSMEs will have DUT development files open and plots allocated. He added, “By the end of the year the 140 plots for MSMEs will be allocated and about 150 MSMEs business plans ongoing next to Diaspora University. He said the assets of the 150 MSMEs will be valued at about Ksh 12 billion of the Ksh 25 billion in 2024.
On the Diaspora Kenyans $50 million (Ksh 7.5 billion), about 1.25% of the projected $4 billion Diaspora remittances plan; Dan said the $50 million capital inflow will flow into DUT property and MSMEs as follows: $17 million to the 3,500 DUT Townhouses Development Plan. $6.3 million to DUT Credit Ltd Shares. $3.5 million to Daktari Biotechnology Ltd medicine and vaccine plant shares. $3.2 to 3,200 DUT Apartments Development Plan and $20 billion to about 100 DUT MSMEs that Diaspora will start.
Dr. Patrick Shompole of Pullman, WA supporting the 2024 plan said Diaspora University Town is ready to grow and it is time the Diaspora remitted their money to progress growth. Dr. Shompole asked the Diaspora Kenyans to take advantage of the strong dollar. Together with his family members, in 2024, they will continue to remit money as they invest and develop townhouses; invest in DUT Credit Ltd; Invest in Daktari Biotechnology and open some of the planned 150 DUT MSMEs. He added, “Once we develop DUT in Voi we can replicate the project in other counties.”
Frank Mutura of Raleigh, NC when remembering the meeting he organized in 2010 that explored the question, "Can Diaspora Kenyans invest in property and MSMEs as a University Town is developed?" Frank said that since that meeting the progress is evident and it is time for other Diaspora Kenyans to join.
Dr. Wilson Endege of Boston, MA, the founder of the Daktari Biotechnology Ltd Medicine and Vaccines Ltd Company, requested the Diaspora Kenyans in DUT to lead the Diaspora Kenyans and have at least 1% of the Diaspora remittances come to DUT investment products.
Dan speaking from Voi, Kenya thanked the Diaspora Kenyans. He said when in the Diaspora he put in thousands of hours and dollars. He said he is today with where the project is and asked the Diaspora Kenyans to play their role of remitting 1% of the $4 billion to DUT. He added, "We are ready in Kenya and by the close of 2024 the amounts will not just create Ksh 25 billion wealth but will have the buildings and everything ready for Diaspora University opening."
The DUT Master Development Plan (MDP) was established based on a study of the period following the great depression of 1929. In the last 90 years the U.S GDP has grown from $57 billion, (1933) to $25 trillion (2023). The growth fueled by over 200 million jobs created that Diaspora Kenyans in the U.S are part of. The economic growth included 140 million residential houses and about 20,000 towns and cities development. The growth is reflected in investments in ideas and companies that are today large businesses listed in the stock exchange markets of NYSE, NASDAQ and other markets. The growth is anchored on over 30 million MSMEs that make up about two-thirds of the U.S business wealth.
Dan, talking about DUT growth said, “In 2024, Diaspora Kenyans, Ndara B Community and partners will expand DUT wealth to about Ksh 25 billion as they create 3,000 thousands and open the Diaspora University. Thereafter, they will grow the Diaspora University Town wealth to about Ksh 150 billion as Diaspora University grows to 5,000 students, 15,000 jobs created and a town with 25,000 residents emerges.”