Acwa Names Air Products Veteran as New CEO
The Board of Directors at Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan was previously Acwa's President for Saudi Arabia and the Middle East, and formerly served as COO of the U.S.-based industrial gases company Air Products. Former CEO Marco Arcelli will remain as an advisor.
The new CEO, Dr. Samir J. Serhan, brings over three decades of global experience in leading large-scale industrial and infrastructure organizations. His career includes significant leadership roles at major industrial gas companies, including The Linde Group and Praxair, where he was president of Global HyCO. This background is particularly relevant to Acwa's growing focus on green hydrogen projects. Before his promotion, Dr. Serhan had been with Acwa for a year, serving as the President for Saudi Arabia and the Middle East, which allowed him to work closely with the company's leadership team. His appointment is described as a planned and structured leadership transition intended to ensure continuity and stability for the company. At his previous firm, U.S.-based Air Products, Dr. Serhan was the Chief Operating Officer with profit and loss responsibility for the Americas, Asia, Europe, Africa, the Middle East, and India. He was credited with being key to winning and executing the largest and most complex projects in that company's history. The leadership change comes as Acwa Power continues a period of aggressive expansion. The company, which is the world's largest private water desalination company, aims to triple its assets under management to approximately USD 250 billion by 2030. Acwa Power currently has a portfolio of 111 projects in operation or under construction, with a total investment value of SAR 430 billion (USD 114.8 billion). These projects have the capacity to generate 93 GW of power and manage 9.3 million cubic meters of desalinated water per day. The former CEO, Marco Arcelli, who held the position since March 2023, will stay on as an advisor to the Chairman to facilitate a smooth transition. Arcelli's tenure saw the company sign numerous significant power and water purchase agreements, expanding its capacity in renewable energy and desalination.
