Acwa, change at the top of the Saudi giant

Acwa - a Saudi company listed on the Riyadh Stock Exchange and active in water desalination and green hydrogen production - has appointed Samir J. Serhan as CEO as of today. He will succeed Marco Arcelli who, as previous CEO, agreed with the board of directors on the planned succession process to ensure continuity and stability, a note explains. The long-term direction of the company remains unchanged.

Joining Acwa last year as President for Saudi Arabia and the Middle East, Serhan worked closely with the management team. Previously, he was Chief Operating Officer of the US company Air Products. He also held positions of responsibility in various areas, including technology, global engineering, manufacturing and equipment in the group. Earlier in his career, he was President of Praxair's Hydrogen division. During the previous fourteen years, he held management positions with the Linde Group in the US and Germany, until becoming CEO of Linde Engineering.

"This guided transition reflects the strength of our governance and the solidity of our business platform," commented Mohammad Abunayyan, Acwa's chairman of the board, "Our strategic direction remains clear and unchanged. Founded in 2004, Acwa is currently present in 15 countries in the Middle East, Africa, Central Asia and South-East Asia. Its portfolio comprises 111 projects with an investment value of USD 114.8 billion.