Regional markets build apparatus ahead of deployment as Qalaa secures debt waivers

Most of today’s news is apparatus being put in place before any money moves. Tadawul’s new market-order mechanism went live yesterday and adds no liquidity of its own, OQ Gas Networks set up a USD 1 bn sukuk shelf with no issuance planned, Egypt’s EGP 1 bn distressed-factory fund opened subscriptions this morning, and Acumen’s new EGX fund starts at EGP 10 mn. Qalaa is where cash actually changes hands, with the firm securing bank waivers with liquidity.

Market orders on Tadawul can now sweep up to five price levels. Orders on the main market and the parallel Nomu market now execute across multiple price levels, up to five ticks from the best, under rules that took effect yesterday, according to a Tadawul announcement. Derivatives are excluded. A market order used to fill at one price with any remainder converted into a limit order. Under the new mechanism (pdf), it keeps executing through subsequent levels until it hits the five-tick boundary or liquidity runs out, and the remainder then becomes a limit order at the last executed price. Market orders keep their execution priority.

The trade-off: More fills immediately, and investors may buy higher or sell lower within the permitted range. Trading value fell 10.4% y-o-y to SAR 616.6 bn in 1H 2026 and trades fell 11.8%, so the change improves access to the liquidity that is there without adding any.

Half of Qalaa’s EGP 3.87 bn rights issue buys about EGP 9.5 bn (USD 180 mn) of debt forgiveness. The feasibility study (pdf) Egypt’s Financial Regulatory Authority ordered to be published ahead of the company’s shareholder vote earmarks EGP 1.93 bn (USD 37 mn) to clear arrears owed to Arab International Bank (AIB) and other Egyptian lenders, taking both settlements current through December 2026. The waivers are worth 4.9x the cash, by the company’s math, and come mostly from late-payment penalties. They aren’t payable today — the AIB portion is USD 44 mn of principal plus interest running to 2033 — and the final figure moves with the EGP rate and the price agreed on the pledged Taqa Arabia shares.

Working capital: Getting current would move c. EGP 8.99 bn (USD 170 mn) of the EGP 9.7 bn (USD 190 mn) owed out of current liabilities, leaving c. EGP 720 mn (USD 13.8 mn). The rest stays because the Tebbin land transfer is stuck with the authorities. Clearing both would address part of what pushed the auditor to flag going-concern doubts in June, alongside EGP 7.4 bn (USD 140 mn) of current liabilities over current assets and EGP 26.3 bn (USD 500 mn) of accumulated losses, according to a separate disclosure (pdf).

OQ Gas Networks has a USD 1 bn sukuk shelf it may not use. The Oman Investment Authority-owned gas grid operator built the program for access to international debt investors, with no issuance planned, according to a disclosure to the Muscat Stock Exchange. Any future sukuk could list on the London Stock Exchange’s International Securities Market.

The size: At roughly OMR 385 mn, it exceeds the OMR 294 mn (USD 765 mn) regulators approved for 2024-27 capex, though the company says it changes neither its capex nor its business plans. Some 60% of that capex has been spent, and S&P expects OMR 45-60 mn a year in 2026 and 2027, which makes the shelf around three times what is left to spend, by our math. S&P and Fitch rate it BBB- stable, and net debt was 3.85x adjusted Ebitda at end-1Q. Its last raise was a USD 1.2 bn syndicated loan from 16 banks in 2023, repriced last year.

ALSO WORTH KNOWING TODAY

Acumen Holding’s first fund opens to EGX investors at an EGP 10 minimum. Acumen has launched Eqtenas to invest in EGX-listed equities and fixed income, with subscriptions opening tomorrow, units priced at EGP 1 and a 10-unit minimum, per a press release (pdf). It starts at EGP 10 mn and can grow to EGP 250 mn depending on demand, 25x its launch size. It is a private placement to clients of four brokerages including Thndr and Mubasher, and Acumen says it has the approvals it needs.

Market Snapshot

Tadawul 1.1% • ADX -0.3% • DFM -0.5% • EGX30 1.6%

Brent USD 102.25 / bbl • Gold USD 4,162 / oz • USD / SAR 3.75 • USD / EGP 52.36