Sharjah 24 – WAM: The Ministry of Economy (MoE) has announced that VeraViews will be incorporated in the UAE under the NextGen FDI initiative.
VeraViews is a pioneering new digital advertising platform that uses distributed ledger technology to verify advertising views, eliminate the dissemination of harmful content and prevent bad actors from using the media supply chain to fund ad scams and extremist sites with its proprietary Proof of View technology.
The company, which is currently beta-testing its video-ad-serving product, will establish its global headquarters in Dubai's Media City and support the UAE's efforts in regulating an increasingly complex advertising ecosystem – ensuring marketing budgets reach verifiable audiences via properly accredited agencies and publishers.
VeraViews is the latest enterprise to take advantage of the Ministry of Economy's NextGen FDI programme, which seeks to enhance the UAE's competitiveness by attracting innovative companies with a package of market-entry fundamentals, including fast-track incorporation, bulk visa-issuance and access to banking and commercial real estate.
Its open-ledger advertising platform is powered by patented blockchain technology and has the potential to not only simplify the advertiser-publisher relationship but identify and ultimately eliminate malicious actors from the sector, at the same time contributing toward making the UAE the safest digital advertising ecosystem in the world.
Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said, "The NextGen FDI initiative continues to welcome cutting-edge companies that are developing and deploying advanced technology to enhance some of our most important industries. VeraViews' distributed ledger technology based advertising platform has the potential to revolutionise the media sector here in the UAE – and, ultimately, across the world.
"Advertising is a crucial means for companies to build their business, expand their customer base and promote their products and services, and it is vital we are able to create an industry that is transparent and trustworthy, and an arena in which every dollar spent by our enterprises receives a dollar's worth of value."
VeraViews CEO Mark Firth believes the UAE is the ideal home for the company's global headquarters.
He added, "The media industry in the UAE is dynamic and diverse, with a mature blend of platforms, publishers, agencies and networks. VeraViews believes our distributed ledger technology can add significant value to the sector by helping to eliminate fraud and prevent the dissemination of misinformation or other forms of harmful content.
"We are hugely appreciative of the support the NextGen FDI programme has offered and welcome the opportunity to work with both the UAE government and industry stakeholders to build an advertising ecosystem that benefits everyone."
The global digital advertising market is currently worth over US$550 billion, with the Middle East one of its fastest-growing regions. The region's advertising market is projected to reach US$6.9 billion by the end of 2024, with online advertising accounting for well over half that total.
The UAE remains the second-largest advertising market, with US$1.8 billion spent in 2023.
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