RIYADH: Zain KSA CEO Sultan bin Abdulaziz Al-Dekaither, credited with turning the company around, has died, the mobile telecoms operator has announced.
Al-Deghaither, who has been CEO for six years, has led the company through a period of change, wiping out more than 2 billion riyals ($532.6 million) in accumulated losses and tripling its market capitalization.
The company posted a message of condolence to the senior official on its X account, saying, “The Zain Saudi family is deeply saddened by the passing of our CEO, Eng. Sultan bin Abdulaziz Al-Deghaither.”
Al-Deghaither first joined the company in 2009 as director of network planning and took over as CEO on July 1, 2018. Under his leadership, Zain KSA was ranked the 13th most powerful brand in Saudi Arabia, according to the company's website.
Al-Dekaither is also the Managing Director of Tamam Finance Co. Ltd., where his expertise has helped create a success story in the fintech space.
The Board of Directors of Saudi Tadawul Group Holding Co, representing all employees, expressed their deepest condolences on the loss of Mr Al-Deghaither, who was also an Independent Board Member and Chairman of the Group’s Nomination and Remuneration Committee.
The Tadawul Group said it would later announce any updates on the appointment of new board members and the board chair.
KSA Huawei also expressed its condolences on Al-Deghaither's death in a post on its X account and expressed its sincere condolences to his family.
In his final post on his X account, Al-Deghaither, who is also a board member of Al-Nassr FC, congratulated Saudi Arabia's Crown Prince Mohammed bin Salman and Sports Minister Prince Abdulaziz bin Turki bin Faisal on Saudi Arabia's bid to host the 2034 World Cup.
“This achievement reflects our great desire and ambitious vision to share with the world,” he said in his post.
With 19 years of experience, Al-Deghaither has a strong track record in management, operations and technical management. He has led several pioneering projects that have positioned Zain KSA as a leader in the Saudi telecommunications industry.
He developed the strategic vision for Zain KSA’s business sector, driving significant investment in innovative technologies and digital solutions, including cloud computing and future 5G applications, the Internet of Things, AI, blockchain and drones.
He oversaw Zain KSA’s transformation from a telecommunications company into 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 a strategic partnership between Zain KSA and gaming and esports hub PLAYHERA, leading to the establishment of PLAYHERA MENA.
Al-Deghaither developed the country’s financial technology sector by launching Tamam, the first consumer microfinance unit in the Kingdom and the Middle East. He oversaw the company’s expansion and operational plans, and generated record profits in a short period of time.
He has been at the forefront of pushing for women to rise to leadership positions within his company. Under his guidance, the company has seen greater empowerment of Saudi women at leadership levels, leading to a greater role for them in the telecommunications sector.
Al-Deghaither was ranked among the top 300 CEOs in the telecommunications sector by MENA TRNDS. He holds a bachelor's degree in telecommunications and electrical engineering from King Saud University and holds an advanced management degree from IESE Business School in Spain.
