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Published: 8 February 2016      

Bin Sulayem doubles up at DP World

HE Sultan Ahmed bin Sulayem
DP World's Chairman HE Sultan Ahmed bin Sulayem has been appointed Chief Executive Officer with immediate effect

The announcement follows the surprise resignation as CEO of Mohammed Sharaf in late January. At the time DP World said that HE Sultan Ahmed bin Sulayem would assume the role of CEO on a temporary basis while a serach was made for a permanent replacement. The sudden announcement of this new appointment suggests that there is more to this than meets the eye,

In any event, commenting on the announcement, Deepak Parekh, Senior Independent Non-Executive Director said "The Board is delighted that His Excellency Sultan Ahmed bin Sulayem has agreed to become Group CEO in addition to his role as Chairman. It is the unanimous view of the Independent Non-Executive Directors that Sultan is the right candidate to ensure continuity of leadership. His extensive experience and proven track-record makes him extremely well placed to lead the Group to the next level."

His Excellency Sultan Ahmed bin Sulayem said "DP World is a fantastic business that I have been proud to lead over a number of years. I look forward to taking on the additional responsibilities of Group CEO with the objective of continuing to implement our global strategy to enable global trade and drive sustained long-term value for shareholders."

DP World has also reported that it handled 61.7M TEU across its global portfolio of container terminals during 2015, with gross container volumes growing by 3% on reported basis and 2.4% on a like-for-like basis. Growth in 2015 was largely driven by its European and UAE terminals. The portfolio benefited from the ramp-up in London Gateway, while the UAE handled a record 15.6M TEU, representing like-for-like growth of 2.3% for the year. Utilisation at Jebel Ali remains high at around 90% despite the softer volumes in Q4 2015.

"Market conditions in the second half of 2015 were challenging, with our like-for-like gross throughput growth flat year-on-year in Q4 2015," stated DP World. "At a consolidated level, our terminals handled 29.1M TEU during 2015, a 2.7% improvement on a reported basis. Consolidated like-for-like volumes grew by 1.7% for the year.

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