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Dubai Seeks Efficient System to Raise Quality of Procurement, Warehouse Management

The Law seeks to develop an efficient system for government entities to further raise the quality of their procurement and warehouse management. AFP
The Law seeks to develop an efficient system for government entities to further raise the quality of their procurement and warehouse management. AFP
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Dubai Seeks Efficient System to Raise Quality of Procurement, Warehouse Management

The Law seeks to develop an efficient system for government entities to further raise the quality of their procurement and warehouse management. AFP
The Law seeks to develop an efficient system for government entities to further raise the quality of their procurement and warehouse management. AFP

Dubai Ruler, Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum issued a law on Contracts and Warehouse Management in Dubai Government.

The Law aims to create a framework and set standards for regulating procurement processes of government entities in line with the vision of Dubai Government to meet the highest global benchmarks in this domain, a statement said Thursday.

The Law seeks to develop an efficient system for government entities to further raise the quality of their procurement and warehouse management, and to create unified government procurement processes to achieve the highest levels of financial efficiency, it said.

The Law also seeks to foster integrity, transparency and equal opportunities among suppliers and provide a legal framework for automating the procurement and warehouse management operations of government entities as part of achieving Dubai’s smart transformation objectives, according to the statement, carried on Emirates News Agency (WAM).

The Law seeks to unify rules and regulations governing government contracts and warehouse management, ensure sound governance of procurement, asset disposal and inventory management, and preserve government assets.

The new legislation outlines the responsibilities of Dubai’s Department of Finance, the Smart Dubai Government Establishment and all units responsible for inventory management in government entities, it said.

The Department of Finance is tasked with creating guidelines for the governance of procurement, and asset and inventory management, as well as drafting policies and decisions related to unified procurement processes, it did.

The Smart Dubai Government Establishment is tasked with coordinating with public entities to create a unified online government system to manage contracts and inventory; developing associated systems and programs; ensuring proper operations, maintenance, updates and supervision of the system; and monitoring compliance of government entities with the system.

The Law stipulates the creation of a ‘Central Registry of Suppliers’ as part of the government’s unified online system for managing contracts and inventory. Furthermore, the Director General of each government entity is authorized to create an ‘Inventory and Valuation Committee’ to manage inventory and assets.

The Law does not apply to commitments made by government procurement departments to projects and programs supported by the government, especially those relating to small and medium enterprises registered under the Hamdan bin Mohammed Program for youth projects.

The Law will be effective from January 1, 2021.

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S&P Upgrades Italy in Surprise Boost for PM Meloni

Italian Prime Minister Giorgia Meloni waits for the arrival of Queen Rania of Jordan at Villa Doria Pamphili in Rome, Italy, 09 April 2025. (EPA)
Italian Prime Minister Giorgia Meloni waits for the arrival of Queen Rania of Jordan at Villa Doria Pamphili in Rome, Italy, 09 April 2025. (EPA)
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S&P Upgrades Italy in Surprise Boost for PM Meloni

Italian Prime Minister Giorgia Meloni waits for the arrival of Queen Rania of Jordan at Villa Doria Pamphili in Rome, Italy, 09 April 2025. (EPA)
Italian Prime Minister Giorgia Meloni waits for the arrival of Queen Rania of Jordan at Villa Doria Pamphili in Rome, Italy, 09 April 2025. (EPA)

Credit ratings agency S&P Global upgraded Italy on Friday in a surprise move just days after Rome halved its economic growth forecast amid global market turmoil and said its huge public debt would rise this year and next.

S&P Global raised Italy's sovereign debt rating to BBB+ from BBB, citing its falling budget deficit, resilient exports and high domestic savings rate, and confidence that the European Central Bank will keep any inflationary pressures in check.

It said the new rating carried a stable outlook.

"The upgrade reflects Italy's improved economic, external, and monetary buffers amid rising global headwinds, and the gradual progress it has made in stabilizing public finances since the (COVID-19) pandemic's onset," S&P Global said.

Earlier this month Fitch affirmed its BBB rating with a positive outlook, while Moody's rates Italy Baa3 with a stable outlook.

S&P's upgrade is a boost for Italian Prime Minister Giorgia Meloni ahead of a meeting with US President Donald Trump in Washington on Thursday expected to focus on US trade tariffs which have hit financial markets worldwide and clouded economic prospects.

S&P Global noted that Italy's net external creditor position had strengthened over the last five years to around 15% of gross domestic product, compared with close to balance just before the pandemic.

"S&P's judgment rewards the seriousness of the Italian government's approach to budget policy," said Economy Minister Giancarlo Giorgetti. "In the general uncertain climate, prudence and responsibility will continue to be our course of action."

The agency had made no change to Italy's rating or outlook since July 2022, when it revised the outlook to stable from positive following the collapse of the government of former Prime Minister Mario Draghi.

STAGNANT ECONOMY

On Wednesday, Italy committed to keeping its budget deficit in check even as it slashed its economic growth forecasts against a backdrop of mounting uncertainty connected to the US trade tariffs.

Yet even before Trump's tariff announcements, the euro zone's third largest economy has posted virtually no growth since mid-2024.

Italian GDP edged up by 0.1% in the fourth quarter of last year from the previous three months after stagnating in the third quarter. No pick-up is expected in the near term.

In its multi-year economic framework issued on Wednesday, the government cut its forecast for 2025 GDP growth to 0.6% from a projection of 1.2% made in September, and lowered its 2026 forecast to 0.8% from 1.1%.

The Treasury confirmed its previous 2025 budget deficit estimate at 3.3% of national output and also confirmed its goal of bringing the fiscal gap below the European Union's 3% of GDP ceiling in 2026, maintaining a 2.8% target.

However, it said the public debt - the second highest in the euro zone after Greece's - would climb from 135.3% of GDP last year to 137.6% by 2026, before edging down marginally the following year.

S&P also forecast Italy's GDP growth at 0.6% this year, in line with Meloni's government, and said the country's rising debt would not stabilize until 2028.

Nonetheless, it said Trump's latest decision to suspend previously announced 20% tariffs on European Union goods for three months, and to impose a milder 10%, meant the hit to Italy's economy would be "manageable".