RIYADH: Zain KSA CEO Sultan bin Abdulaziz Al-Deghaither, who is credited with turning the company around, has passed away, the mobile telecom operator announced.
Al-Deghaither, who served as CEO for six years, led the company through a period of transformation, eliminating accumulated losses of more than SR2 billion ($532.6 million) and tripling its market capitalization.
Mourning its top official, the company posted on its X account: “With deep pain and sadness, the Zain Saudi family mourns the loss of its CEO, Eng. Sultan bin Abdulaziz Al-Deghaither.”
Al-Deghaither first joined the company in 2009 as director of network planning and became CEO on July 1, 2018. Under his leadership, Zain KSA was ranked the 13th strongest brand in Saudi Arabia, according to the website company website.
Al-Deghaither was also managing director of Tamam Finance Co. Ltd, where his expertise helped create a success story in the fintech space.
The board of directors of Saudi Tadawul Group Holding Co, representing all its employees, expressed its deep sorrow at the loss of Al-Deghaither, who also served as an independent board member and chairman of the group's Nomination and Remuneration Committee.
The Tadawul Group said it would announce any updates on the appointment of a new board member and its committee chairman at a later date.
KSA Huawei also expressed its grief over the death of Al-Deghaither in a post on its X account, sending its sincere condolences to his family.
In his latest post on his X account, Al-Deghaither, who was also a board member of Al-Nassr FC, congratulated Saudi Arabia, Crown Prince Mohammed bin Salman and Sports Minister Prince Abdulaziz bin Turki bin Faisal for presenting Saudi Arabia has bid to host the 2034 FIFA World Cup.
“This achievement reflects our high aspirations and ambitious vision to share them with the world,” he said in his post.
With 19 years of experience, Al-Deghaither has a strong track record in executive, operational and technical management. He has led several pioneering projects that have positioned Zain KSA at the forefront of the Kingdom's telecommunications industry.
He developed a strategic vision for Zain KSA's business sector, encouraging significant investment in innovative technologies and digital solutions, including cloud computing and future 5G applications, including the Internet of Things, artificial intelligence, blockchain and drones.
He managed the transformation of Zain KSA from a telecommunications company to an integrated digital ecosystem, serving as a key pillar for the emergence and growth of new technology sectors in the Kingdom.
In 2022, he led the strategic partnership between Zain KSA and gaming and esports hub PLAYHERA, which led to the establishment of PLAYHERA MENA.
Al-Deghaither advanced the country's fintech sector by launching Tamam as the first consumer microfinance entity in the Kingdom and the Middle East. He oversaw its expansion and operational plan, achieving record profits in a short time.
He supported the promotion of women into leadership positions within his company. Under his guidance, the company has seen increased empowerment of Saudi women at the leadership level, strengthening their presence in the telecommunications sector.
Ranked among the top 300 CEOs in the telecommunications sector by MENA TRNDS, Al-Deghaither holds a bachelor's degree in telecommunications and electrical engineering from King Saud University and an advanced management program diploma from IESE Business School in Spain.
