Acwa Appoints New Chief Executive
Acwa's Board of Directors 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 formerly served as COO of US-based Air Products.
ACWA Power is a key developer of power generation and water desalination projects, with an investment portfolio valued at approximately $82.8 billion across 12 countries. The company is a cornerstone of Saudi Arabia's Vision 2030, tasked with developing 70% of the nation's renewable energy goal. The new leadership appointment comes at a time of ambitious growth, as the company aims to more than double its assets under management to $250 billion by 2030. This strategy includes significant expansion in renewable energy and green hydrogen. Dr. Serhan's predecessor, Marco Arcelli, who assumed the CEO role in March 2023, will now serve as an advisor to the chairman to facilitate a smooth transition. During Arcelli's tenure, the company saw significant portfolio growth, including projects valued at $30 billion under construction and a 50% increase in production capacity over two years. Dr. Serhan's extensive experience at Air Products is particularly relevant to ACWA Power's strategic direction, which includes a major focus on green hydrogen. While at Air Products, he was involved in developing some of the world's largest low-carbon and zero-carbon hydrogen plants.
