The board of Acwa Power Company (Acwa) has approved Dr. Samir J. Serhan as chief executive officer, effective March 1, 2026, as part of its structured succession planning process.

Marco Arcelli, whose contract will expire in April 2027, will remain as advisor to the chairman to ensure a smooth and orderly transition, the company said in a statement to the Saudi stock exchange on Sunday.

Serhan is currently responsible for the company’s global strategy and operations across 15 markets. He previously served as Acwa’s president for Saudi Arabia and the Middle East, overseeing seven key markets, including Saudi Arabia, the UAE, Kuwait, Bahrain, Oman, Jordan, and Iraq.

Driven by a 17 per cent year-on-year increase in operating income, the company’s net profit rose 2 percent to 1.28 billion Saudi riyals ($341.53 million) in the first nine months of 2025 from SAR 1.25 billion a year earlier. 

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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