DP World CEO ousted over Epstein files scandal

Dubai (Somalia Today) – Dubai port giant DP World removed its long-serving chief Friday following the release of documents detailing his close relationship with the late sex offender Jeffrey Epstein.

The state-owned company replaced Sultan Ahmed bin Sulayem, who transformed the firm into a global logistics empire handling 10 percent of the world’s container trade, with immediate effect.

In a filing to the Nasdaq Dubai stock exchange, the operator named Essa Kazim, governor of the Dubai International Financial Centre (DIFC), as the new board chairman.

Yuvraj Narayan, the company’s long-time chief financial officer, takes over as group Chief Executive Officer.

The leadership overhaul comes just days after the US Department of Justice released a new cache of files related to Epstein, the disgraced financier who died in jail in 2019 while awaiting trial on sex trafficking charges.

The documents identified Sulayem as a “close personal friend” of Epstein. According to the files, the two men exchanged emails regarding business advice and investments, as well as arrangements for “sexual encounters with women.”

Sulayem, 70, faces no criminal charges. He remained unreachable for comment, while DP World declined to answer Somalia Today queries regarding his sudden departure.

Crucially, the company’s statement ignored the former chairman entirely, instead noting that the new appointments would “reinforce its role in strengthening global supply chains.”

Investor backlash

The boardroom exit follows swift backlash from key international partners, who froze billions of dollars in investment cooperation this week citing the allegations.

La Caisse de dépôt et placement du Québec (CDPQ), Canada’s second-largest pension fund, announced it would pause “additional capital deployment” alongside the Dubai firm.

This decision threatens a massive joint investment platform established in 2016, which now exceeds $8 billion in value. The partnership holds stakes in strategic assets including terminals in Vancouver and Prince Rupert in Canada, as well as Dubai’s flagship Jebel Ali Port.

“We have made it clear to the company that we expect it to shed light on the situation and take the necessary actions,” CDPQ said in a statement.

Similarly, British International Investment (BII), the UK’s development finance arm, suspended new deals.

BII currently partners with DP World on a $1.7 billion “Africa Gateway” initiative to develop ports in Senegal, Egypt, and Berbera in Somalia’s breakaway region of Somaliland.

Architect of modern Dubai

The scandal marks an ignominious end to the career of one of Dubai’s most recognizable business figures.

A graduate of Temple University in Philadelphia, Sulayem served as a technocratic fixture in the emirate’s rise as a commercial hub.

He spearheaded the 2006 acquisition of British shipping icon P&O for $6.8 billion, a deal that catapulted DP World into the top tier of global port operators.

Under his stewardship, the company expanded to operate more than 80 marine and inland terminals in over 40 countries. In the first half of 2025 alone, DP World reported revenue of $11.2 billion and handled 45.4 million shipping containers.

Nevertheless, Sulayem’s career also saw volatility. He previously led Nakheel, the state developer behind the palm-shaped artificial islands, but authorities removed him from that role during Dubai’s 2009 debt crisis, which saw the emirate require a $20 billion bailout from neighbor Abu Dhabi.

New leadership

Veterans of Dubai’s corporate establishment now task themselves with steadying the firm.

Essa Kazim, the new chairman, has served as Governor of the DIFC since 2011 and chairs the Dubai Financial Market. A graduate of the University of Iowa, analysts consider him a key architect of the city’s financial regulation framework.

Yuvraj Narayan, the new CEO, is a former ANZ banker who joined DP World in 2004. As CFO, he steered the company’s financial strategy through the 2008 global financial crisis and its recent aggressive expansion into logistics and free zones.

The changes take effect as Dubai seeks to maintain its status as a neutral global trade broker amid rising geopolitical tensions affecting Red Sea shipping routes.

The Epstein documents released this week show the financier remained in contact with Sulayem after Epstein’s 2008 conviction for soliciting prostitution from a minor.

The files detail exchanges involving “lewd comments” and requests for introductions to other business figures.

Authorities in the US clarified that the inclusion of names in Epstein-related files does not in itself constitute evidence of legal wrongdoing.