#Dubai Picks Trusted Executive to Protect Prized DP World Asset - Bloomberg

Dubai Picks Trusted Executive to Protect Prized DP World Asset - Bloomberg

As DP World Ltd. Chief Executive Officer Sultan Ahmed bin Sulayem’s alleged links to disgraced financier Jeffrey Epstein emerged, one of Dubai’s most prized assets was under siege. In quick succession, two international investment funds curbed ties with the logistics giant.

Days later, Bin Sulayem resigned and the Dubai government turned to Essa Kazim, an executive who holds several roles at the heart of Dubai’s financial sector and one with a track record in handling delicate situations. Kazim becomes chairman of the port operator, while Yuvraj Narayan is the new CEO.

In Kazim, DP World gets a deeply influential figure whose ties cut across Dubai’s intersecting worlds of business and politics. He oversees the Dubai International Financial Centre, the city’s financial hub and a magnet for hedge funds. The DIFC, home to about 8,800 companies, reflects the emirate’s emergence as a regional financial hub.

“Kazim has a solid track record as a steady leader known for his quiet planning, humility and effectiveness,” said Mohammed Ali Yasin, the CEO of Ghaf Benefits, who has known Kazim for a quarter century. “He’s known for delivering.”

The government’s move to appoint new leaders for DP World appeared to be almost immediately effective. Canadian pension fund Caisse de Depot et Placement du Quebec said it would resume its partnership with the company. British International Investment, a £9.9 billion ($13.6 billion) development-finance institution owned by the UK government, said it would do the same.

Kazim is also chairman of Borse Dubai, and had the same role at Dubai Financial Market through November 2021, according to a profile on Nasdaq’s website. He began his career at the UAE Central Bank in 1988, later moving to the Department of Economic Development as Director of Planning and Development in 1993.

The extent of his influence was on full display a few years ago, when Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, placed him in charge of a special judicial committee to oversee the estate of billionaire Majid Al Futtaim.

Long seen as an anchor of Dubai’s economy, ownership of the $19 billion Al Futtaim conglomerate passed to multiple heirs after its founder died in 2021 and the government was keen to smooth the transition.

DP World is similarly vital to the emirate. The company helped transform Dubai into a global trade hub, operating across 83 countries and employing more than 119,000 people. It runs and operates the Middle East’s largest port at Dubai’s Jebel Ali, the London Gateway in the UK, and logistics sites in the US and across Africa.

Dubai took DP World private in early 2020 to alleviate its debt burden and avoid a repeat of the economic crisis that led to a bailout in 2009.

Kazim also sits on several of Dubai’s top financial advisory panels, alongside members of the ruling family. He is chairman of the DIFC Higher Board, while Dubai’s First Deputy Ruler Sheikh Maktoum bin Mohammed Al Maktoum is its president.

Narayan joined DP World in 2004 and has been chief financial officer since 2005, a period during which the port operator acquired international assets and expanded its logistics and services businesses. A chartered accountant, Narayan previously worked in corporate finance at ANZ Group Holdings Ltd. He was also CFO at Oman’s Salalah Port Services, according to his profile on DP World’s website.

Emaar lifts #Dubai on strong earnings; #AbuDhabi snaps 9-day winning streak | Reuters

Emaar lifts Dubai on strong earnings; Abu Dhabi snaps 9-day winning streak | Reuters

Dubai index closed higher on Friday, led by Emaar Properties and its construction arm Emaar Development after the firms reported better-than-expected earnings, while Abu Dhabi closed lower.

Dubai's main index (.DFMGI), opens new tab rose 0.2%, supported by a 1.2% jump in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 3.5% increase in its construction unit Emaar Development (EMAARDEV.DU), opens new tab.

Emaar Properties, the developer of Burj Khalifa, recorded a 30% hike in its full-year profit to 17.60 billion dirhams ($4.79 billion), while Emaar Development's full-year profit climbed 48% to 11.32 billion dirhams ($3.08 billion).

However, Talabat Holding (TALABAT.DU), opens new tab, one of the largest food ordering businesses in the Middle East, tumbled 9.9%, its steepest decline since listing in late December 2024, after reporting a 11% drop in its fourth-quarter profit to $123 million.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab dropped 0.5%, breaking a nine-session winning streak, dragged down by a 2.4% decline in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, while freight shipper Agility Global (AGILITY.AD), opens new tab slumped 5.3% ahead of its full-year earnings later in the day.

Among the losers, utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab slipped 3% after the firm posted a 9% decrease in its quarterly revenue to 12.14 billion dirhams ($3.31 billion).