Acwa Appoints New CEO

Dr. Serhan steps in for Marco Arcelli, who held the CEO position since March 2023. The company stated the change was the result of a planned succession process overseen by the board to ensure continuity and stability. The new chief brings over 30 years of experience in large-scale industrial and infrastructure organizations. Before his time at Air Products, Dr. Serhan held leadership positions at Praxair and spent 14 years with The Linde Group in both the U.S. and Germany. Acwa Power is a major international player in power generation and water desalination, with a portfolio of 64 assets and an investment value of $67.6 billion. The company is the largest privately-owned water desalination company in the world and a key player in the energy transition and green hydrogen. The leadership transition comes during a period of aggressive growth. In the first half of 2025, Acwa Power reported a 62% increase in adjusted net profit and secured nine new power purchase agreements for a total of 20GW in new capacity. A significant part of this expansion includes a consortium led by Acwa Power signing deals worth $8.3 billion in July 2025 to develop seven major solar and wind energy projects in Saudi Arabia. These projects are part of the Kingdom's National Renewable Energy Program. Beyond Saudi Arabia, the company is expanding its global footprint. In February 2026, Acwa Power signed an agreement to develop up to 5 gigawatts of renewable energy capacity in Türkiye, a deal potentially worth $5 billion in foreign direct investment. Dr. Serhan will also oversee the company's significant investment in green hydrogen, including the co-development of the $8.4 billion NEOM Green Hydrogen Company, which aims to produce 600 tonnes of carbon-free hydrogen per day by 2026.