The WFE's Women Leaders 2025 - Noelle Aljaweini, Chief of Cash Markets, Saudi Exchange

Name: Noelle Aljaweini

Job title: Chief of Cash Markets

Organisation: Saudi Exchange

1. Brief description of nominee’s role and job. 

I am responsible for overseeing the cash markets trading business at the Saudi Exchange. This includes all secondary market activity for both Main Market Nomu – Parallel Market for equities – debt markets, funds including Exchange Traded Funds (ETFs) and Closed-end Funds (CEFs). This function is targeted directly towards enhancing market liquidity and efficiency and for that reason it integrates the business intelligence and analytics functions which transform data into actionable insights to drive strategic decision-making across the organisation. I chair the Index Supervisory Committee which has a mandate to oversee the governance and  administration of the Saudi Exchange’s indices. 

2. Short bio (career highlights, education, interests/hobbies). 

I graduated from Prince Sultan University in Riyadh with a Bachelor of Science in Finance. I hold a Capital Markets Professional Certificate from the New York Institute of Finance and I am a PROSCI Certified Change Management Professional. I completed a number of executive leadership programmes at London Business School and Stanford University that were focused on leading organisational transformation and women’s leadership, respectively.  

I started my career in management consulting where I supported an array of industries. I worked with local and international clients considering making major investments or strategic changes in their businesses, such as IPOs, private equity and mergers and acquisitions. I focused on corporate strategy, market entry strategy and market assessments as well as commercial and financial due diligence. Management consulting provided me with exposure to a number of leading blue-chips and public entities across different sectors. I was particularly interested in the number of growth stories I was exposed to and the importance of access to capital for companies to scale and expand.  

In 2015, I joined the Saudi Exchange and since then I've held multiple leadership roles including Equity Markets Development Manager and Head of Markets Development. I took on my current role – Chief of Cash Markets – in 2021.  

In terms of personal interests, I am a passionate advocate of giving back. I am a member of a number of advisory boards including the Financial Program Advisory Board and Center for Sustainability and Climate Board at Prince Sultan University. I am also an Advisory Board Member for Bloomberg’s “A Fair Share” initiative which advocates gender equality in the regional financial industry. I also mentor regularly and sponsor growing Saudi talent across the financial eco-system.  

3. What were your professional highlights and challenges of 2024? 

I am a firm believer that challenges and opportunities are two sides of the same coin. 

In February 2024, I was tasked with taking on an additional temporary role as Acting Chief of Derivatives, in parallel to my role leading the Cash Markets business for the Exchange. This new role required balancing the mandate of a very active cash markets business alongside a new market which is in its development stages.  

Our derivatives market is a key pillar of our strategic growth plans and I led efforts within the Saudi Tadawul Group to develop our derivatives strategic roadmap for the coming years.  

Leading a new business line of this scale provided me with insights on the complexities and intricacies of market development, stakeholder alignment and regulatory frameworks. It underscored the importance of a well-coordinated approach to engage various stakeholders, from market participants to regulatory bodies, in order to build a resilient and sustainable derivatives market. This role highlighted challenges in managing competing priorities, maintaining a forward-thinking approach, with an emphasis on flexibility, innovation and constant communication, while navigating the complexities of market infrastructure and technology integration. These presented invaluable opportunities for personal and professional growth — contributing ultimately to the successful execution of our long-term strategic goals. 

4. Tell us about a few of your key achievements throughout your career? 

Over the course of the past nine years since I joined the exchange, I have had the opportunity to lead and contribute to a number of strategic initiatives: 

• Launched Real Estate Investment Traded Funds (REITs) in 2016 
• Established Nomu – Parallel Market, an alternative platform for growth companies in 2017 
• Enhanced market infrastructure and regulatory environment for the Saudi Exchange’s record time inclusion into MSCI, FTSE Russell and S&P Dow Jones’ Emerging Market Indices in 2018 
• Led the exchange’s trading readiness for Saudi Aramco’s IPO in 2019 
• Led the development of Saudi Tadawul Group’s IPO equity story in 2021 
• Named by Arabian Business as one of the 50 Most Influential Women in Saudi Arabia in 2021 
• Established the equity market-making framework at the Saudi Exchange in 2022, which has attracted domestic and international market makers to 17 listed equities and counting 
• Established the exchange’s Accelerated Book Build (ABBs) and Fully Marketed Offer (FMOs) framework

5. What and who inspires, and has inspired, you to achieve your professional success?

The unwavering support of mentors and sponsors throughout my career has been instrumental in shaping my professional journey. Being fortunate enough to have the opportunity and platform to learn from other leaders across the eco-system and contribute to developing the financial sector and capital markets in the Kingdom, ensuring its growth and sustainability for future generations is a source of inspiration in itself. 

6. How have you overcome setbacks, and what advice would you give to others dealing with setbacks? 

Setbacks are an inevitable part of the larger tapestry of any professional journey as you strive to make meaningful progress – no matter where you are in your career.  

From personal experience, I believe that as long as you embrace the setback and tailor your approach in addressing it as opportunity to develop new ways of thinking, instilling resilience and adaptability while maintaining objective-driven purpose, it will, more likely than not, prove to be a stepping stone to value in the long-term. Keeping the end goal in mind and remembering why you started will fuel you to the finish line.  

7. What advice do you have for other women who aspire to be in leadership positions? What is the biggest takeaway you want to leave with the reader? 

I have found that any aspiring leader must have passion, patience, curiosity and be fearless in the face of opportunities outside your comfort zone. Expanding your knowledge beyond your immediate focus area will bring insights from different perspectives and add value at some point in your career – even if not immediate. Being reliable, displaying ownership, accountability and leading by example will earn recognition from those around you. It's important to always stay true to your values while remaining adaptable in the face of change. Leadership is not about having all the answers, but about creating an environment where others feel empowered to contribute and succeed alongside you.