Acwa Power, Saudi Arabia's largest privately held power and water company, has appointed Prince Sultan bin Khalid bin Faisal Al Saud to its board of directors, filling a vacancy created by the recent resignation of board member Fahad bin Abduljalil Al-Saif. The appointment, announced in late March 2026, reflects Acwa's move to bolster governance depth at a pivotal moment for the renewable energy and desalination company.
Al-Saif resigned from the board on February 23, 2026, following a Royal Decree appointing him as Saudi Arabia's Minister of Investment on February 12, 2026. The timing of Prince Sultan's appointment underscores Acwa's priority in maintaining board stability as the company executes ambitious expansion plans and navigates the energy transition. No search firm involvement was disclosed in connection with the appointment. Mohammad Abunayyan, Acwa's founder and chairman, has overseen governance transitions previously as part of the company's structured succession processes, particularly following the appointment of Chief Executive Officer Dr. Samir J. Serhan in March 2026.
Prince Sultan brings deep expertise spanning industrial development, finance, and capital markets. He currently serves as Chief Executive Officer of the Saudi Industrial Development Fund (SIDF), where he previously held positions including Vice President of Credit and Deputy Chief Executive before his appointment as CEO. His background includes more than 20 years in the financial services and automotive sectors, complemented by strategic experience in Silicon Valley's venture capital landscape. He earned a Bachelor of Science in Business Management from Menlo College in California and holds governance roles across prominent institutions including Saudi Arabian Airlines, Morgan Stanley, and the Saudi General Authority of Foreign Trade.
Acwa Power operates as a global infrastructure platform managing over US$115 billion in assets across 15 countries following its rebranding in January 2026. The company manages a portfolio of more than 100 projects with the capacity to generate 97.9 gigawatts of power and produce 9.8 million cubic meters of desalinated water daily. Established in 2004, Acwa has expanded from a Saudi Arabian developer into a world leader in desalination, renewable energy, and green hydrogen. The Public Investment Fund holds approximately 44 percent of the company following progressive stake acquisitions since 2018, reinforcing Acwa's central role in delivering Saudi Arabia's Vision 2030 energy transition targets. The company employs over 4,000 people globally.
Prince Sultan's appointment signals Acwa's confidence in strengthening board oversight during a period of accelerated growth and strategic transition. The company announced 15 renewable energy project financial closures worth SAR 22.3 billion in late 2025 and continues advancing flagship initiatives including the NEOM Green Hydrogen Project, valued at USD 8.4 billion. His financial services expertise and understanding of industrial development financing mechanisms align with Acwa's growth strategy, particularly as the company targets doubling assets under management to USD 250 billion by 2030. The board addition appears designed to enhance the company's access to financial markets and government relationships at a time when securing large-scale project financing and regulatory alignment remain critical to execution. Whether this signals further board composition adjustments or reflects routine governance renewal remains unclear, though the appointment follows established practice at a company that emphasizes disciplined institutional management.
