Acwa Power Appoints New CEO
Acwa's Board of Directors has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective March 1. Dr. Serhan was previously the company's President for Saudi Arabia and the Middle East, and formerly served as COO of U.S.-based Air Products.
The appointment of Dr. Samir J. Serhan comes after Marco Arcelli's tenure as CEO since March 2023. The company has emphasized that this is a planned and structured leadership transition, with Arcelli remaining as an advisor to the Chairman of the Board to ensure a smooth handover. ACWA's strategic direction is expected to remain consistent through this change. Dr. Serhan's background aligns closely with ACWA Power's major growth initiatives, particularly in the green hydrogen sector. His previous role as COO at Air Products is significant, as Air Products is a key partner with ACWA Power and NEOM in developing the world's largest green hydrogen-based ammonia production facility. This transition in leadership occurs as ACWA Power aggressively expands its global footprint. The company is not only solidifying its base in the Middle East but is also making significant inroads into Central Asia, Southeast Asia, and Africa. This expansion is part of a broader strategy to triple the company's assets under management. ACWA Power continues to be a central player in Saudi Arabia's Vision 2030, a strategic framework to diversify the country's economy. The company is developing several giga-scale renewable energy projects within the Kingdom, contributing to the national goals for clean energy and water security.
