DP World appoints new CEO and Chairman amid controversy over Sultan Ahmed Bin Sulayem's alleged links to Epstein files

DP World Ltd appointed a new chief executive officer and chairman, the roles previously held by Sultan Ahmed Bin Sulayem, whose alleged connections to disgraced financier Jeffrey Epstein led two companies to suspend dealings with the logistics firm this week, according to a Bloomberg report.

The company appointed Yuvraj Narayan as chief executive officer and Essa Kazim as chairman, according to a statement from Dubai Media Office on X on Friday. It did not comment on whether Bin Sulayem remains with the company.

“DP World announces the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer,” the X post read.

What are the allegations against Sultan Ahmed Bin Sulayem?

Bin Sulayem, who has led the Dubai-owned port operator since 2019, maintained a relationship with the convicted pedophile both before and for over a decade after Epstein's imprisonment in 2008 on charges such as procuring a minor for prostitution.

The relationship was revealed through a series of emails released by the US Department of Justice and other sources obtained by the news portal last year. Additionally, at least two government-linked investment funds have paused their deals with DP World, intensifying the repercussions.

Pullback amid allegations

According to the report, British International Investment, a £9.9 billion ($13.6 billion) development finance body owned by the UK government, announced it has suspended investments in the company amid the allegations. Meanwhile, Canadian pension fund Caisse de Depot et Placement du Quebec, a key financial partner in various DP World projects, stated it is stopping all future investment plans with the firm.

The emails show that the two men exchanged intimate messages, shared business and political contacts, and attempted to broker deals for one another, it added.

About DP World and Bin Sulayem

DP World operates across 83 countries with a workforce of over 119,000 employees. The company manages the Middle East’s largest port at Jebel Ali in Dubai, along with the London Gateway in the UK, logistics facilities in the US, and various other sites across Africa.

Bin Sulayem, a Dubai businessman educated at Temple University in Philadelphia, has held numerous government-linked roles in the emirate over the past twenty years. He was among many executives who lost their jobs following the global financial crisis, a period when Dubai faced a near-default due to difficulties in repaying property-related debt.

In a former high-profile role, bin Sulayem led real estate developer Nakheel PJSC, the builder of Dubai’s famed palm-shaped islands.