Dubai’s DP World Chief Executive Resigns

DP World Limited said on Feb. 13 that its group chairman and CEO, Sultan Ahmed bin Sulayem, has resigned and that the board has appointed new leadership.

The Dubai-based ports and logistics operator said the changes were effective immediately.

“DP World Limited announces that Group Chairman and CEO, Sultan Ahmed bin Sulayem has resigned from the company, effective immediately,” the company said in a release.

The board “announces that His Excellency Essa Kazim has been appointed Chairman and Mr. Yuvraj Narayan has been appointed Group CEO,” it said.

The leadership change comes as the U.S. Department of Justice released additional files related to convicted sex offender Jeffrey Epstein.

According to documents made public by the department, Epstein referred to Sulayem as a “close personal friend” in one file and described him as one of his most trusted friends in another.

The documents do not allege criminal conduct by Sulayem, and he has not been charged with any wrongdoing.

The Epoch Times reached out to DP World and bin Sulayem for comment, but did not receive a response by the time of publication.

The fallout from the document release extended beyond DP World. Goldman Sachs said on Feb. 12 that its general counsel, Kathryn Ruemmler, would step down after emails she exchanged with Epstein were among those made public by the government.

Ruemmler, 54, is resigning effective June 30 as general counsel and chief legal officer, according to the bank. Goldman Sachs did not immediately provide further details about her departure in connection with the document release.

Leadership Transition

DP World said on Feb. 13 that Essa Kazim, who currently serves as governor of the Dubai International Financial Centre and chairman of Borse Dubai, brings extensive experience in financial and economic affairs, citing senior leadership roles in several national institutions.

Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade, the company said.

“Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions,” the Emirati logistics firm added.

DP World said the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains while supporting Dubai’s position as a leading hub for trade and logistics.

Investor Response

Major institutional investors responded swiftly to the leadership change.

La Caisse, Canada’s second-largest pension fund, which had suspended new investment with DP World over the allegations tied to Sulayem, said on Feb. 13 it would “move quickly” to work with Narayan to continue their partnership on port projects worldwide.

British International Investment, the UK’s development finance institution, also welcomed the appointment of a new chief executive and said it would resume investment alongside the Dubai-based ports operator.

“We welcome today’s decision by DP World and look forward to continuing our partnership to advance the development of key African trading ports to unlock the continent’s global trading potential,” a spokesperson for British International Investment (BII) said on Feb. 13.

BII had earlier in the week halted new investment with DP World over bin Sulayem’s alleged ties to Epstein.

Reuters contributed to this report.