On 28 May 2013 the UAE Federal National Council (FNC) approved a draft of an amended commercial companies law (Draft Companies Law). A copy of the Draft Companies Law has been made available to the public. Although the Draft Companies Law still needs to be ratified by the UAE Supreme Council and the President of the UAE before it is published in the Official Gazette, we do not anticipate that there will be any material changes. The Draft Companies Law does not change the current foreign ownership restrictions for UAE commercial companies. However, it has been announced that foreign ownership restrictions are likely to be relaxed in a yet-to-be-released foreign investment law. The Draft Companies Law include a number of provisions that that will have an impact on the MA transactions in the UAE. Among other things, the Draft Companies Law:

• permits the issuance of new shares in public joint-stock companies to strategic investors notwithstanding the statutory pre-emption rights;

• allows debt-for-equity swap transactions;