DP World appoints new CEO as investors end ties over Epstein file mentions
The company named Yuvraj Narayan as group CEO, replacing Sulayem, who resigned "effective immediately".
Dubai port operator DP World has appointed a new CEO and chairman following the release of files highlighting past interactions between its former CEO, Sultan Ahmed bin Sulayem, and the late financier Jeffrey Epstein.
On Friday (13 February), the company named Essa Kazim as chairman of the board and Yuvraj Narayan as group CEO, replacing Sulayem, who resigned "effective immediately," according to a disclosure to Nasdaq Dubai, where DP World's bonds are listed, reports CNBC.
The US Department of Justice recently released emails indicating that Sulayem and Epstein discussed business contacts and proposed deals. Authorities emphasised that mentions in the files do not imply criminal wrongdoing.
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Sulayem, a prominent figure in Dubai's business landscape, served as chairman since 2007 and CEO since 2016. He oversaw the growth of Dubai's Jebel Ali port into a major global shipping hub and expanded DP World's operations into an international logistics empire handling roughly a tenth of the world's container trade.
He also led Nakheel Properties, the Dubai government-owned developer, stepping down during a board restructuring after Dubai World's 2008 debt crisis.
Earlier, British International Investment (BII), a $13.6 billion UK government-owned development finance institution, ended future investments in DP World shortly after Canada's La Caisse pension fund, which has invested over $5 billion alongside DP World, ended new capital deployment, reports Arab News.
The move added significant pressure, as BII had previously committed $320 million to DP World's African platform, covering ports in Senegal, Egypt and Somaliland, with plans to invest a total of $400 million over several years.
However, after replacing Sulayem, BII welcomed DP World's decision and said it looked forward to continuing "our partnership to advance the development of key African trading ports," reports Reuters.
La Caisse also appreciated the move, saying in a statement that "the company took the appropriate measures".
It also said that the company would "move quickly to work with DP World's new leadership to continue our partnership on port projects around the world".
DP World said the new appointments "support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and Dubai's position as a leading hub for trade and logistics."
Kazim was most recently the governor of the Dubai International Financial Centre, while Narayan had served as DP World's deputy CEO and CFO since 2005.
