The CEO of Dubai’s largest port has been replaced by the company after details of his past relationship with the late sex offender Jeffrey Epstein were made public.
On Friday, DP World announced in a statement that it had appointed Essa Kazim as chairman of its board of directors and Yuvraj Narayan as group Chief Executive Officer, replacing Sultan Ahmed bin Sulayem.
The U.S. Department of Justice’s latest release of files related to Epstein revealed that the financier once referred to Sulayem as a “close personal friend” and called him one of his most trusted friends in other files. Sulayem has not been accused of any criminal wrongdoing.
A disclosure to Nasdaq Dubai, where DP World maintains listed bonds, said Sulayem had resigned “effective immediately.”
Sulayem was at the helm of Dubai’s largest port operator as chairman since 2007 and CEO since 2016.
The statement made no mention of Sulayem but said the company “affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.”
CNBC sought comment from Sulayem through DP World, where he served as chairman and CEO, but did not receive a response.
Kazim was most recently the Governor of the DIFC, Dubai’s financial center. Narayan was deputy CEO and CFO at DP World since 2005.
About Bin Sulayem
Bin Sulayem , 71 is one of Dubai’s most prominent business figures, coming from one of the Emirate’s main families. His father was an advisor to the ruling Al Maktoum family and Sulayem played a key role in the ascendance of Dubai as an economic hub.
Bin Sulayem worked as a customs officer at Dubai’s port after graduating from college in the late 1970s. He was appointed by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum to be chairman of the Jebel Ali Free Zone (JAFZA) in 1985. He oversaw its rapid expansion, with JAFZA growing from hosting 19 companies in the mid-1980s to over 10700 as of 2024.
Bin Sulayem was made DP World chairman in 2007 and was appointed group chairman and CEO in February 2016. Following the acquisition of British port operator Peninsular & Oriental Steam Navigation for $6.9 billion, DP World became the world’s third biggest port operator in 2010.
Bin Sulayem led DP World’s property development subsidiary Nakheel Properties until 2010, becoming a board member in 2020. The company was behind the construction of Palm Islands, the man-made islands in Dubai.
He also helped establish and headed the DP World subsidiary private equity fund Istithmar World.
Bin Sulayem has been non-executive chairman of Virgin Hyperloop since 2018. He is also a board member of the Dubai Executive Council and the UAE Federal Tax Authority, as well as the Investment Corporation of Dubai (the emirate’s sovereign wealth fund) until 2009.
CNBC/ Ya Libnan
