UAE Cabinet Approves Unified Inventory Management Policy for Federal Government

 UAE, 20 August, 2024 : The UAE Cabinet has approved a new Inventory Management Policy aimed at standardizing inventory procedures across federal entities. The policy outlines clear responsibilities for employees involved in inventory management and implementation, promoting better governance and control over inventory balances. The goal is to ensure accurate and systematic inventory operations while verifying recorded balances against physical stock.

Strengthening Governance and Efficiency

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, emphasized that the updated policies align with global best practices to improve resource management in the Federal Government. “These guidelines streamline inventory management processes, covering everything from planning and procurement to receiving and disbursing stock,” he stated.

Aligned with the shift to accrual accounting and updates in procurement policies, the new framework ensures compliance with financial reporting standards and addresses all aspects of warehouse management.

Enhancing Safety and Accuracy

The updated policy also covers warehouse management, detailing the classification of inventory, types of storage facilities, and guidelines for warehouse design and safety. Key roles and responsibilities are clearly outlined in a matrix to guarantee efficient inventory management across federal entities.

This unified policy is part of the Ministry of Finance’s broader efforts to ensure effective and safe inventory practices in line with the latest federal operational updates.

Source : www.mof.gov.ae