DP World has appointed Indian-origin finance veteran Yuvraj Narayan as its new Group Chief Executive Officer, marking a significant leadership shift at one of the world’s largest logistics companies, which handles nearly 10 per cent of global container trade.
The move follows the exit of long-time chief Sultan Ahmed bin Sulayem amid controversy over his reported links to convicted financier Jeffrey Epstein.
Meanwhile, Essa Kazim has taken over as Chairman of the Board under a decree issued by Mohammed bin Rashid Al Maktoum. The same decree also named Abdulla bin Damithan as chairman of the Ports, Customs and Free Zone Corporation.
A chartered accountant who rose through the ranks
A qualified chartered accountant, Narayan joined DP World in 2004 and was appointed Group CFO in 2005. Over nearly two decades, he has overseen financial strategy, corporate finance and supply chain integration, playing a central role in the company’s international expansion.
According to the company, his leadership helped transform DP World from a regional port operator into a global end-to-end supply chain solutions provider.
During his tenure, the company expanded its footprint to 79 countries, grew to more than 430 business entities and built a workforce exceeding 115,000 employees worldwide, while handling close to 10 per cent of global container trade.
Narayan is credited with strengthening the company’s financial resilience and operational efficiency across economic cycles. Before joining DP World, he held senior roles at ANZ Group as head of corporate and project finance for South Asia and served as CFO at Salalah Port Services in Oman.
He has been named Middle East and North Africa CFO of the Year four times. In 2015, DP World’s finance team was recognised as Finance Team of the Year under his leadership. Narayan also serves on the boards of HDFC International Life and Re Company Limited and Dubai Financial Market.
In his new role as Group CEO, he will oversee overall business operations and global supply chain management at a time when the company is navigating heightened scrutiny.
Why was Sultan Ahmed bin Sulayem removed?
Sulayem’s departure followed the release of newly declassified US Department of Justice documents that showed he had exchanged messages over several years with Epstein, including after Epstein’s 2008 conviction for soliciting a minor for prostitution.
The correspondence reportedly referenced business discussions and a visit to Epstein’s private island. While the documents did not accuse bin Sulayem of criminal wrongdoing, the disclosures raised reputational concerns for DP World.
In the US House of Representatives, Congressman Ro Khanna identified bin Sulayem as one of several previously redacted individuals in the files, stating there was no apparent reason for withholding the names. Following his remarks, the Justice Department partially unredacted related documents.
The revelations prompted British International Investment to pause future engagements with DP World, while Canada’s pension fund La Caisse said it would suspend further investments pending clarity on the matter.
After Narayan’s appointment, British International Investment welcomed the leadership change and signalled it would resume its partnership.
With Narayan now at the helm, DP World is expected to focus on restoring investor confidence while continuing its global expansion in ports, logistics and supply chain services.
