Acwa Names New Chief Executive Officer
The Board of Directors at Acwa has named Dr. Samir J. Serhan as its new CEO, effective immediately. Dr. Serhan was previously the company's President for Saudi Arabia and the Middle East and was formerly the COO of US-based Air Products. He replaces Marco Arcelli, who had been CEO since March 2023 and will now serve as an advisor.
The incoming CEO, Dr. Samir J. Serhan, brings extensive experience in the industrial gases and green hydrogen sectors, having previously served as the Chief Operating Officer of Air Products. At Air Products, he was responsible for the company's global operations and was instrumental in their large-scale hydrogen projects. This background aligns with Acwa Power's significant investments in green hydrogen, including the massive NEOM Green Hydrogen plant, a joint venture with Air Products and Neom. Dr. Serhan's expertise in executing complex, capital-intensive projects is critical as Acwa Power spearheads Saudi Arabia's energy transition. The company is tasked with developing 70% of the kingdom's renewable energy projects under the Public Investment Fund's program, a cornerstone of Saudi Vision 2030 which aims for a 50% renewable energy mix by that year. Outgoing CEO Marco Arcelli's tenure, which began in March 2023, was marked by significant expansion. In the first half of 2025 alone, Acwa Power signed nine Power Purchase Agreements for 20GW of new power capacity and two Water Purchase Agreements. Arcelli also oversaw a major push for international growth and innovation. Under Arcelli's leadership, Acwa Power hosted "Innovation Days 2026," which resulted in 27 new partnerships with global institutions like MIT and Stanford University. These collaborations focus on advancing green hydrogen, water desalination, and energy storage technologies. Just last month, the company signed a major agreement to develop 5 GW of renewable energy projects in Türkiye. Acwa Power is pursuing an ambitious growth strategy with the goal of tripling its assets under management by 2030. The company's project portfolio already exceeds a total investment value of $85 billion as of March 2024. This rapid expansion includes a focus on key international markets in the Middle East, Africa, and Central Asia. The leadership transition occurs as Acwa Power continues to be a central player in Saudi Arabia's economic diversification. The company is not only developing gigawatts of solar and wind power but is also a key partner in powering new giga-projects like the Red Sea tourism destination with 100% renewable energy.
