Acwa Appoints New CEO
Energy and water company Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan previously served as President of Saudi Arabia and the Middle East for the company and was formerly the COO of US-based Air Products. He replaces Marco Arcelli, who will remain an advisor.
The new leadership at Acwa comes as the company aggressively expands its global footprint in renewable energy and green hydrogen. In February 2026, Acwa signed key investment agreements to develop up to 5 gigawatts of renewable energy capacity in Türkiye, building on its existing investments in the country. This is part of a broader strategy that includes significant planned investments in China and Southeast Asia. Just weeks before the leadership change, Acwa hosted "Innovation Days 2026" in Riyadh, where it signed 27 strategic partnerships with global institutions like MIT and Stanford University. These agreements focus on accelerating advancements in green hydrogen, advanced water desalination, and energy storage, signaling the company's commitment to technological leadership in the sector. The company has set an ambitious goal to double its assets under management to $250 billion by 2030. This growth is heavily tied to Saudi Arabia's Vision 2030, which aims to generate 50% of its electricity from renewables by the same year. Acwa is a key player in this transition, supported by Saudi Arabia's Public Investment Fund. Outgoing CEO Marco Arcelli, who assumed the role in March 2023, oversaw a period of significant growth, with the company's portfolio doubling in size over the last three years. His tenure was marked by a major push into new markets and a SAR 7.1 billion ($1.9 billion) rights issue in July 2025 to fund this expansion. The company has stated the leadership change is part of a planned and structured succession process. Dr. Serhan brings a different operational and engineering focus to the CEO role. His extensive experience as COO at Air Products, a global leader in industrial gases, and in leadership at The Linde Group, suggests a strong emphasis on project execution and efficiency as Acwa enters a period of rapid project development. His background aligns with the company's increasing focus on complex green hydrogen projects.
