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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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Maersk Sees Sustained Global Demand, but at Slower Pace

FILE PHOTO: A view of the sign for A.P. Moller-Maersk outside their offices in Copenhagen, Denmark, January 25, 2024. REUTERS/Tom Little/File Photo
FILE PHOTO: A view of the sign for A.P. Moller-Maersk outside their offices in Copenhagen, Denmark, January 25, 2024. REUTERS/Tom Little/File Photo
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Maersk Sees Sustained Global Demand, but at Slower Pace

FILE PHOTO: A view of the sign for A.P. Moller-Maersk outside their offices in Copenhagen, Denmark, January 25, 2024. REUTERS/Tom Little/File Photo
FILE PHOTO: A view of the sign for A.P. Moller-Maersk outside their offices in Copenhagen, Denmark, January 25, 2024. REUTERS/Tom Little/File Photo

Shipping company Maersk on Wednesday said the global demand for container transport was expected to continue to grow in the next few quarters albeit at a slower pace as substantial market risks persisted.

The Danish company also confirmed preliminary second-quarter earnings released last week when it raised its outlook for the third time since May, citing higher freight rates due to the Red Sea crisis and solid container shipping demand.

Maersk, viewed as a barometer of world trade, on Wednesday said global container demand was estimated to have grown 5%-7% in the second quarter, boosted by strong Chinese exports which grew 10% compared to a year ago, among other factors, Reuters reported.

"Global container demand growth is expected to remain positive in coming quarters, but likely at a slower pace," the company said in its earnings report.

Maersk last week also cautioned that prospects for the fourth quarter were uncertain.

"A healthy, albeit cooling labor market, and wage gains are expected to continue to support US consumers. Declining consumer confidence and savings, however, are clouds at the horizon," Maersk said on Wednesday.
For the full year, it expects global container market volumes to increase by 4-6%.

Shipping disruptions caused by Houthi militants' attacks on vessels in the Red Sea were expected to last at least until the end of the year, Maersk has said.

The attacks have drawn US and British retaliatory strikes and disrupted global trade but Maersk and rivals have benefited from longer sailing times and soaring freight rates as ships are rerouted around Africa.