Acwa Appoints New CEO
Acwa's board of directors has named Dr. Samir J. Serhan its new Chief Executive Officer, effective today. Dr. Serhan, a former COO of US-based Air Products, was previously Acwa's President of Saudi Arabia and the Middle East.
Dr. Samir J. Serhan steps in as the third CEO in a period of significant transformation for Acwa Power. He succeeds Marco Arcelli, who took the helm in March 2023 after the 18-year tenure of longtime CEO Paddy Padmanathan. Arcelli's departure comes after a period of significant growth and strategic repositioning for the Saudi-based utility. Dr. Serhan's background at Air Products is particularly relevant to Acwa's current major projects. Air Products is a key partner in the NEOM Green Hydrogen project, a massive joint venture with Acwa and NEOM to create one of the world's largest utility-scale green hydrogen plants. This facility, set to produce 1.2 million tonnes of green ammonia annually, is a cornerstone of Acwa's strategy. The company is heavily invested in becoming a global leader in green hydrogen. Beyond the NEOM project, Acwa is developing another major green hydrogen and ammonia facility in Yanbu, Saudi Arabia, with plans to export to Europe. Additionally, a $4 billion green hydrogen project is underway in Egypt, further expanding the company's international footprint in this emerging sector. Under former CEO Marco Arcelli, the company has been on an aggressive growth trajectory, aiming to more than double its assets under management to $250 billion by 2030. This expansion was highlighted by a recent rebranding and the signing of 27 strategic partnership agreements in early 2026 to advance clean energy and water desalination technologies. Acwa Power's financial performance has reflected this expansion, with a reported 17% increase in operating income for the first nine months of 2025. The company has also been actively securing new large-scale renewable energy projects, including a 15 GW commitment for new solar and wind projects in Saudi Arabia. Dr. Serhan’s appointment signals a continued focus on executing these large-scale, technically complex projects, particularly in the green hydrogen sector where his expertise from Air Products will be critical. The leadership transition aims to build on the momentum of recent years as Acwa Power solidifies its role in the global energy transition.
