diff --git a/.gitignore b/.gitignore
index 5d1ea8a..657a2dd 100644
--- a/.gitignore
+++ b/.gitignore
@@ -147,3 +147,4 @@ fonttools-2.3.tar.gz
 /fonttools-4.47.2.tar.gz
 /fonttools-4.48.1.tar.gz
 /fonttools-4.49.0.tar.gz
+/fonttools-4.50.0.tar.gz
diff --git a/fonttools.spec b/fonttools.spec
index d33de13..0182b63 100644
--- a/fonttools.spec
+++ b/fonttools.spec
@@ -6,7 +6,7 @@ from an XML text format, which is also called TTX. It supports TrueType, \
 OpenType, AFM and to an extent Type 1 and some Mac-specific formats.
 
 Name:           fonttools
-Version:        4.49.0
+Version:        4.50.0
 Release:        1%{?dist}
 Summary:        Tools to manipulate font files
 
@@ -100,6 +100,9 @@ PYTHONPATH=%{buildroot}%{python3_sitearch} %{python3} -m pytest --ignore Tests/o
 %{python3_sitearch}/%{name}-%{version}-py%{python3_version}.egg-info
 
 %changelog
+* Tue Apr 16 2024 Parag Nemade <pnemade AT redhat DOT com> - 4.50.0-1
+- Resolves: RHEL-31499 - Update to 4.50.0 version
+
 * Sat Feb 17 2024 Parag Nemade <pnemade AT redhat DOT com> - 4.49.0-1
 - Update to 4.49.0 version (#2264616)
 
diff --git a/gating.yaml b/gating.yaml
new file mode 100644
index 0000000..4ca9235
--- /dev/null
+++ b/gating.yaml
@@ -0,0 +1,6 @@
+--- !Policy
+product_versions:
+  - rhel-10
+decision_context: osci_compose_gate
+rules:
+  - !PassingTestCaseRule {test_case_name: osci.brew-build.tier0.functional}
diff --git a/sources b/sources
index 3ad9c5f..0c55ddf 100644
--- a/sources
+++ b/sources
@@ -1 +1 @@
-SHA512 (fonttools-4.49.0.tar.gz) = 6caa108b92a9661f6761a4e1c65f05cabf0d4f6a6f2517d2a289afc5e60ad73c7e35ee283d1a206b1bcd2ec5861f70272e323b9041aa949c713dc531d2d056d2
+SHA512 (fonttools-4.50.0.tar.gz) = a169f18077f2c4f0ad8a46569a30b3e35ca2343e9f3d43cd362dafa26085f545dd9a42e7edb3054f9d37e1576117aa34a0c2b4adabc9fc29c076e69d3fdd66ee