Dubai-based global ports operator DP World said on Friday that its long-serving chairman and chief executive, Sultan Ahmed Bin Sulayem, has stepped down following mounting pressure linked to alleged ties to disgraced financier Jeffrey Epstein.
The announcement came as fallout continued from the recent release of documents by the U.S. Department of Justice that have triggered renewed scrutiny of prominent political and business figures worldwide. Bin Sulayem is among the highest-profile executives to leave a senior role since the publication of the files.
Dubai’s ruler issued a decree appointing a new chairman for the Ports, Customs and Free Zone Corporation, one of several influential positions previously held by Bin Sulayem.
Members of the U.S. Congress said Bin Sulayem’s name appeared in documents released by the Justice Department, prompting questions over past interactions with Epstein. Reuters has not independently verified the allegations. Being named in the documents does not in itself constitute evidence of criminal wrongdoing.
Pressure intensified this week after two major institutional investors said they would suspend new investments with DP World.
The UK’s development finance institution British International Investment said it welcomed the leadership change and looked forward to continuing its partnership to advance African port infrastructure projects.
Canada’s pension fund La Caisse also said the company had taken “appropriate measures” and that it would work with DP World’s new leadership on port investments globally.
Dubai Media Office earlier reported that Essa Kazim, currently governor of the Dubai International Financial Centre, has been appointed chairman of the board. Yuvraj Narayan, who joined DP World in 2004 and most recently served as deputy CEO, will assume the role of group chief executive.
The developments come amid widening international repercussions tied to the Epstein files. The Financial Times reported that Kathy Ruemmler, general counsel at Goldman Sachs, will step down this summer over past associations mentioned in the documents.
In Britain, political tensions also flared after the appointment of Peter Mandelson as ambassador to the United States, with several members of Prime Minister Keir Starmer’s administration resigning amid the controversy.
The documents suggest that Epstein maintained relationships with influential figures across politics, finance, academia and business for years after his 2008 conviction on prostitution charges involving a minor. The files include communications that appear to show discussions about business dealings and social visits.
Epstein was found dead in a New York jail cell in August 2019 while awaiting trial on sex-trafficking charges. His death was ruled a suicide.
Bin Sulayem has long been regarded as one of the architects of Dubai’s emergence as a global trade and tourism hub. He played a role in establishing Nakheel, the developer behind the emirate’s palm-shaped islands and contributed to the creation of Dubai’s commodities exchange, DMCC.
Under his leadership, DP World expanded into one of the world’s largest port and logistics operators, handling roughly 10% of global container traffic. The company operates terminals across multiple continents, including in Canada, Peru, India and Angola.
DP World also sponsors a leading European professional golf tour and has served as the logistics partner for McLaren’s Formula 1 team since 2023.
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U.S. President Donald Trump warned Iran to expect further strikes on Saturday (7 March). In a post on social media, he said Iran would be 'hit very hard'. His comments came a week into the conflict with Iran, which has spread across the Middle East.
Lebanon's Hezbollah warned Israeli residents to evacuate towns within 5 km (3.11 miles) of the border between the countries in a message posted on its Telegram channel in Hebrew early on Friday.
The Israeli military says it has destroyed an underground bunker beneath Iran’s leadership complex in Tehran that it claims was built for former supreme leader Ali Khamenei.
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