New CEO at Saudi Utility Giant Acwa
Saudi Arabia's Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan was previously a regional president at Acwa and formerly the COO of US-based Air Products. He takes the helm from Marco Arcelli, who led the company since March 2023.
Dr. Samir J. Serhan brings over three decades of experience in leading large-scale industrial and infrastructure organizations globally. Before his recent appointment at ACWA Power as President of Saudi Arabia and the Middle East, he had an extensive career at the US-based industrial gases giant Air Products, where he served as Chief Operating Officer. His responsibilities at Air Products included operational and project execution, with profit and loss responsibility for the Americas, Asia, Europe, Africa, the Middle East, and India. Serhan's background is rooted in engineering and technology, having also managed technology, global engineering, manufacturing, and equipment at Air Products. His experience in the industrial gas sector also includes a 14-year tenure with The Linde Group in management roles in both the US and Germany, and a role as president of Hydrogen at Praxair. This extensive experience is crucial as ACWA Power deepens its focus on green hydrogen projects. He takes over a company that saw significant portfolio growth under his predecessor, Marco Arcelli, who was CEO from March 2023. During 2023, ACWA Power's operating income before impairment, loss, and other expenses increased by 14% to SAR 2,984 million compared to the previous year. The net profit for 2023 attributable to equity holders also saw a 7.9% rise to SAR 1,662 million. The company's growth trajectory continued into 2024, with a reported net profit of SAR 1.75 billion, a 6% increase from 2023. By the end of 2024, ACWA Power's portfolio included 94 assets with a total investment of USD 97 billion. The company also significantly expanded its energy capacity in 2024, adding 14.3 GW, with 10.7 GW of that in renewables. The leadership transition is part of a planned succession to ensure continuity and stability in the company's long-term strategy. Marco Arcelli will remain as an advisor to the Chairman of the Board to support a smooth transition. This move comes as ACWA Power continues to play a central role in Saudi Arabia's Vision 2030 and expands its international footprint in renewable energy and water desalination.
