Acwa Names New CEO

The new CEO, Dr. Samir J. Serhan, steps in from a company that is already a key partner on one of Acwa's most ambitious ventures. As COO of Air Products, he was involved in the NEOM Green Hydrogen project, a massive joint venture between Acwa Power, Air Products, and NEOM. That project, slated to produce 1.2 million tons of green ammonia annually for export, is a cornerstone of Saudi Arabia's clean energy ambitions. Dr. Serhan's background aligns with Acwa's large-scale project execution needs; at Air Products, he was praised for his role in winning and executing the company's largest and most complex projects. His responsibilities there expanded to include full profit and loss accountability for the Americas and leadership over the company's Middle East business, making him deeply familiar with the region's operational landscape. The leadership change comes as Acwa Power pursues an aggressive growth strategy, aiming to triple its assets under management to over $250 billion by 2030. The company is focusing its expansion on renewables, green fuels, and water desalination across Saudi Arabia, the Middle East, Africa, and Asia. Financially, the company has demonstrated significant momentum. For the first nine months of 2025, Acwa Power reported a net profit of SAR 1.28 billion on revenues of SAR 5.37 billion, an 17.8% increase year-over-year. During that period, the company added 7 GW of power and 600,000 m³/day of water capacity to its operational portfolio. Outgoing CEO Marco Arcelli, who held the position since March 2023, oversaw a period of record growth. In 2023 alone, the company achieved 12 financial closes with a total investment cost of $15.7 billion, including for the landmark NEOM project. Under his leadership, Acwa Power also signed agreements for 15 GW of new renewable energy projects in Saudi Arabia during the third quarter of 2025.