ACWA Names New CEO
The Board of Directors at energy and water company Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan was previously President of Saudi Arabia and the Middle East at the company and formerly served as COO of US-based Air Products. He replaces Marco Arcelli, who remains an advisor.
Dr. Samir J. Serhan brings over three decades of experience in the industrial and infrastructure sectors to his new role. Before joining Acwa, he was the chief operating officer at the U.S.-based industrial gases company Air Products, where he held global responsibility for the company's operational and project execution. His career also includes leadership positions at Praxair and the Linde Group. The leadership change occurs as Acwa pursues an ambitious growth strategy, aiming to triple its assets under management to over $250 billion by 2030. This expansion is heavily focused on renewable energy, green hydrogen, and water desalination, aligning with Saudi Arabia's Vision 2030 economic diversification plan. The company recently secured a $1.9 billion rights issue to help fund this expansion. Acwa is a central player in Saudi Arabia's renewable energy program, with a portfolio of projects valued at over $114 billion. The company is involved in major international projects, including a $10 billion investment in Malaysia's renewable energy sector and the development of 5 GW of new renewables capacity in Türkiye. The company is also a key partner in the NEOM Green Hydrogen Project, an $8.4 billion venture that is poised to be the world's largest commercial-scale green hydrogen facility powered entirely by renewable energy. Dr. Serhan's predecessor, Marco Arcelli, stated in early 2025 that the NEOM project was approximately 50% complete, with production expected by late 2026. During his tenure, which began in March 2023, Marco Arcelli oversaw a period of significant growth, with the company adding 14.5 GW to its production capacity in the last year. In the first half of 2025 alone, Acwa signed agreements for 20 GW of new power capacity. Arcelli will transition to an advisory role to the chairman of the board to ensure a smooth leadership change.
