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 at the company and was formerly the COO of US-based Air Products. The previous CEO, Marco Arcelli, will remain as an advisor.
The new chief executive, Dr. Samir J. Serhan, steps in during a period of significant expansion for Acwa, which saw its adjusted net profit jump 62% in the first half of 2025. This growth is fueled by an aggressive expansion of its portfolio, including nine new Power Purchase Agreements for a total of 20GW in new capacity during the same period. Under the leadership of the outgoing CEO, Marco Arcelli, who took the helm in March 2023, the company's business portfolio has doubled. Arcelli has stated that he expects the company to double in size again within the next five years, with a target of reaching $250 billion in assets under management by 2030. The leadership transition is part of a planned and structured succession process to ensure stability and continuity. A key part of this expansion is a massive $8.3 billion investment to develop seven renewable energy projects in Saudi Arabia, totaling 15,000 MW. These projects, a joint effort with the Water and Electricity Holding Company (Badeel) and the Saudi Aramco Power Company (SAPCO), are a significant step towards Saudi Arabia's Vision 2030 goal of generating 50% of its electricity from renewables. Dr. Serhan brings a wealth of experience in executing large-scale industrial and infrastructure projects globally. Before joining Acwa, he spent over 30 years in leadership roles, including as Chief Operating Officer of the U.S.-based industrial gases company Air Products. His background also includes management positions at The Linde Group and Praxair. The company's growth isn't limited to the Middle East. Under Arcelli, Acwa has pushed into new markets, including Uzbekistan, where it is developing several wind and solar projects. The company also signed agreements in 2025 for potential investments of up to $10 billion to develop 12.5 GW of power generation in the Philippines, with a strong focus on solar energy. Looking ahead, analysts anticipate continued strong revenue growth for Acwa, projected to climb by 21% each year for the next three years, outpacing the broader industry's forecast of 17% annual growth. This expected performance is a key reason for the company's high valuation. Dr. Serhan's appointment is seen as bringing in a leader with deep operational expertise to manage and deliver on the company's rapidly growing pipeline of complex projects.
