DUBAI — DP World said Friday that longtime chairman and chief executive Sultan Ahmed bin Sulayem has resigned, a move that follows mounting pressure over his alleged ties to Jeffrey Epstein and days after key investors froze new commitments to the Dubai-based ports and logistics group.
The company named Essa Kazim as chairman of the board and elevated Yuvraj Narayan to group chief executive officer, Dubai Media Office said. Dubai’s ruler also issued a decree appointing a new chairman to the emirate’s Ports, Customs and Free Zone Corporation, another senior post previously held by Bin Sulayem.
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Bin Sulayem, one of the Middle East’s most prominent business figures, is among the highest-profile executives to be sidelined since the recent publication of U.S. Department of Justice documents tied to Epstein. Members of the U.S. Congress said Bin Sulayem’s name appears in those records, prompting renewed scrutiny of his past interactions with Epstein, a convicted sex offender. Reuters has not independently verified the allegations in the files, and being named in the documents is not evidence of criminal activity.
Pressure intensified this week after two major backers said they would suspend all new investment with DP World over the alleged ties. The United Kingdom’s development finance institution, British International Investment, and Canada’s second-largest pension fund both paused new commitments. On Friday, BII welcomed DP World’s leadership changes and said it looked forward to continuing “our partnership to advance the development of key African trading ports.”
The Justice Department materials, part of a broader tranche of millions of pages made public, suggest a close relationship between Epstein and Bin Sulayem that continued for more than a decade after Epstein’s 2008 conviction on prostitution charges involving an underage girl. The documents include emails and text messages that appear to show discussions between Epstein and Bin Sulayem about business, conversations about sex and plans to visit Epstein’s Caribbean island.
Bin Sulayem’s exit underscores the widening corporate and political fallout from the files, which have prompted departures from top jobs across multiple sectors globally. Epstein died in a New York jail in August 2019 while awaiting trial on sex-trafficking charges; his death was ruled a suicide.
DP World, a flagship of Dubai’s trading hub economy, has grown into one of the world’s largest port and logistics operators under Bin Sulayem’s leadership. The company says it handles around 10% of global container traffic and runs operations in countries including Canada, Peru, India and Angola. It sponsors a leading professional golf tour in Europe and has served as a logistics partner to McLaren’s Formula One team since 2023.
Beyond DP World, Bin Sulayem has been closely associated with Dubai’s transformation into a regional business and tourism center. He helped establish the real estate developer Nakheel, known for the emirate’s palm-shaped islands, and contributed to creating the Dubai Multi Commodities Centre, a major commodities and free-trade hub. He has been a frequent speaker at the World Economic Forum and other global business gatherings.
Kazim, DP World’s new chairman, currently serves as governor of the Dubai International Financial Centre, the emirate’s financial free zone and a cornerstone of its capital markets strategy. Narayan joined DP World in 2004 and most recently served as deputy CEO, holding several senior finance and operations roles during the company’s international expansion.
DP World did not immediately provide further details beyond its leadership changes. Investors and governments that rely on the company’s global trade network will be watching how the new team navigates the reputational and governance pressures unleashed by the Epstein disclosures, even as the firm seeks to maintain service across its sprawling terminal portfolio.
By Ali Musa
Axadle Times international–Monitoring.
