Acwa Appoints New Chief Executive
Acwa's Board of Directors has named Dr. Samir J. Serhan as its new CEO, effective immediately. Dr. Serhan previously served as President of Saudi Arabia and the Middle East at the company and was formerly the COO of US-based Air Products.
Dr. Serhan's appointment is part of a planned leadership transition, with his predecessor, Marco Arcelli, remaining as an advisor to the chairman to ensure a smooth handover. The change in leadership is described as a natural progression and part of a disciplined governance framework. The new chief executive takes the helm as the company, recently rebranded from ACWA Power to Acwa, pursues an aggressive growth strategy. Acwa aims to more than double its assets under management to $250 billion by 2030, a significant increase from its current $115 billion portfolio. This expansion heavily focuses on renewable energy, green hydrogen, and water desalination, aligning with Saudi Arabia's Vision 2030. In July 2025 alone, a consortium led by Acwa signed deals worth $8.3 billion to develop seven solar and wind projects in Saudi Arabia with a combined capacity of 15,000 megawatts. Dr. Serhan's background aligns with Acwa's focus on large-scale, complex projects. As COO of Air Products, he was lauded for his role in winning and executing the largest projects in that company's history and had full profit and loss responsibility for the Americas, its largest operating region. His experience also includes leading global engineering, technology, and manufacturing functions. Before his time at Air Products, Dr. Serhan held leadership positions at The Linde Group and Praxair, accumulating over 30 years of experience in the industrial and infrastructure sectors. Acwa's global expansion is also a key strategic priority. The company is making a significant push into new markets, with plans to invest between $30 billion and $75 billion in China by 2030, focusing on solar and water desalination. The leadership transition comes after a period of significant activity. In early February 2026, Acwa announced 27 partnership agreements with global institutions like MIT and Stanford University to advance innovation in clean energy and desalination technologies. Marco Arcelli, who became CEO in March 2023, succeeded long-time CEO Paddy Padmanathan, who had led the company for over 15 years. During Arcelli's tenure, the company achieved 12 financial closes in 2023, including for the landmark Neom Green Hydrogen Project.
