Sultan Ahmed bin Sulayem, the powerful Dubai businessman who built DP World into one of the world’s largest port operators, is stepping down as chairman and CEO after sexually explicit emails exchanged with Jeffrey Epstein became public.
DP World, the $13.5 billion logistics conglomerate that operates dozens of ports and terminals across multiple continents, confirmed the leadership overhaul.
According to the Financial Times, Essa Kazim will assume the role of chairman, while longtime executive Yuvraj Narayan has been elevated to chief executive.
A statement from Dubai authorities announcing the appointments did not mention bin Sulayem by name. However, the timing closely follows the release of a substantial tranche of Epstein-related documents by the U.S. Department of Justice.
The newly disclosed records include email correspondence between bin Sulayem and Epstein that reportedly continued years after Epstein’s 2008 conviction for soliciting sex from a minor. In one 2015 email, bin Sulayem described a sexual relationship with a foreign exchange student in graphic terms. The exchanges also allegedly included crude references and nude images.
Bin Sulayem has not been accused of any criminal wrongdoing. Nonetheless, the reputational fallout has been swift.
Several major international partners signaled they would pause new business with DP World pending further clarity. La Caisse, Canada’s second-largest pension fund, which has invested more than $5 billion alongside DP World over the past decade, announced it would suspend additional capital allocations. In its statement, the fund emphasized the importance of separating the company from the controversy and called for appropriate action.
British International Investment, a U.K.-backed development finance institution that partners with DP World on African port projects, issued a similar position. It said it would refrain from making new investments until corrective steps were taken.
DP World stated that the leadership changes are intended to support “sustainable growth” and reinforce the company’s role in global supply chains. Nasdaq Dubai confirmed that bin Sulayem’s resignation took effect immediately.
