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CEO of Zain Saudi Arabia Sultan Al-Deghaither Passes Away

Eng. Sultan Al-Deghaither (Asharq Al-Awsat)
Eng. Sultan Al-Deghaither (Asharq Al-Awsat)
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CEO of Zain Saudi Arabia Sultan Al-Deghaither Passes Away

Eng. Sultan Al-Deghaither (Asharq Al-Awsat)
Eng. Sultan Al-Deghaither (Asharq Al-Awsat)

The CEO of Zain Saudi Arabia, Eng. Sultan Al-Deghaither, passed away on Monday, leaving behind an unforgettable legacy in the sector and the development of the digital economy.

Al-Deghaither, who served as CEO for six years, achieved the company’s financial and operational transformation by eliminating over SAR2 billion ($532.6 million) in accumulated losses and tripling its market capitalization.

The man is credited for leading many projects that enabled Zain to become the largest telecommunications company in the Kingdom. He also played a pivotal role in developing and expanding the company's networks within the Kingdom. Under his leadership, Zain Saudi Arabia succeeded in 2019 in launching the largest fifth generation (5G) network in the Middle East, Europe and Africa, and the fourth largest network in the world.

Al-Deghaither set a clear vision for Zain’s business sector, which has witnessed significant development driven by qualitative investments in innovative technologies, digital solutions and services that range from cloud computing to future 5G applications, including the Internet of Things, Artificial Intelligence, Blockchain, and drones.

Al-Deghaither managed the process of transforming Zain Saudi Arabia from a telecommunications company into an integrated system of digital services, which constituted a basis for the emergence and growth of many new technology sectors in the Kingdom.

He also served as the managing director of Tamam Finance Co. Ltd, where his expertise helped create a success story in the fintech space.

Under his leadership, Zain Saudi Arabia steered the field of sustainability at various levels. Last year, in the presence of Crown Prince Mohammed bin Salman, the company signed an agreement with the Sharek Program Center to open hyperscale data centers. It also launched the world’s first carbon-free 5G network at the Six Senses Southern Dunes desert resort in the Red Sea destination.

Ranked among the best 300 CEOs in the telecommunications sector by MENA TRNDS, Al-Deghaither held a bachelor’s degree in telecommunications and electrical engineering from King Saud University and an advanced management program degree from IESE Business School in Spain.

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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.