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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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Business

Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.

Business

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.

Business

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.