Sultan Ahmed bin Sulayem

Sultan Ahmed bin Sulayem
Sulayem cutting the ribbon at the opening of Retail City 2007
Born	Sultan Ahmed bin Sulayem 1955 (age 65–66) Dubai
Alma mater	Temple University
Occupation	Group Chairman & Chief Executive Officer of DP World. Director at Seven Tides. Chairman of Virgin Hyperloop One
Years active	1985–present

Sultan Ahmed bin Sulayem (Arabic: ‏ ‏سلطان أحمد بن سليم, born 1955 in Dubai, UAE) is the Chairman and CEO of DP World. In November 2018 he also became Chairman of Virgin Hyperloop. Bin Sulayem is a Director of Seven Tides International, a real estate development company in Dubai UAE.

Early life[]

The Sulayem family has been one of Dubai's most prominent business and political families since at least the early 20th century. Ahmed bin Sulayem's father was a key advisor to Dubai's ruling Maktoum family.^[1] A son of his, Ahmed bin Sulayem, is also prominent in business. He received a B.S. in economics from Temple University of Philadelphia, the United States.^[2] He was awarded an Honorary Doctorate from Middlesex University in Dubai.^[3]

Business career[]

Bin Sulayem's first job after graduating from college in the late 1970s was as a customs inspector at Dubai's port. He told Fortune Magazine in 2008 that his future career was set when a man mistakenly came into his office one day and in the course of chatting suggested that Dubai could serve as an entrepot for the tea trade if it created a tax-free zone at the port. That chance meeting encouraged him to travel the world studying tax-free trading zones. When he returned home he approached Dubai's future ruler and family friend Sheikh Mohammed bin Rashid Al Maktoum with a proposal to build a free trade zone at the port. "If you really believe in it, you go run it." Bin Sulayem said Sheikh Mohammed told him. "I was 30."^[4]

That conversation led to Bin Sulayem serving as the first chairman of the Dubai government's tax-free Jebel Ali Free Zone^[5] when it was founded in 1985.

Since the 1980s, Bin Sulayem has been one of the most prominent businessmen in Dubai, with a string of government-linked ventures. In addition to chairing Dubai World he helped found Nakheel, one of the UAE's largest property developers and , a major investment holding company in Dubai. Both companies are Dubai World subsidiaries.

He also served on the board of the Investment Corporation of Dubai, the emirate's sovereign wealth fund, until November, 2009, when Bin Sulayem was removed from that post in the wake of the debt crisis that struck Dubai that year.^[6] In late 2009 and early 2010, Dubai was struggling to pay $80 billion in debt, most of it linked to Dubai World and its subsidiaries.

The Wall Street Journal's influential Heard on the Street column said in October 2009 that Dubai World "has just been radically restructured after running up almost $60 billion of liabilities on ill-judged acquisitions like struggling Madison Avenue retailer Barneys and the Queen Elizabeth 2 liner, which has since largely languished in a Dubai dry dock" and that "surprisingly, senior management remains in place, including Sultan bin Sulayem, the chairman who masterminded the expansion."^[1] Sulayem was finally removed from his post in December, 2010 and was replaced by Sheikh Ahmed bin Saeed Al Maktoum, a member of the royal family.^[7]

References[]