The UAE Ministry of Economy has revealed that VeraViews will be incorporated in the UAE under the NextGen FDI initiative.
VeraViews is a new digital advertising platform that employs distributed ledger technology to verify advertising views, remove harmful content and stop bad actors from misusing the media supply chain with its proprietary Proof of View technology.
The company, currently beta-testing its video-ad-serving platform, will set up its global headquarters in Dubai’s Media City. This will support the UAE’s regulatory efforts in advertising ecosystem, ensuring marketing budgets reach verifiable audiences through accredited agencies and publishers.
VeraViews is the latest company to benefit from the Ministry of Economy’s NextGen FDI program, which aims to strengthen the UAE’s competitiveness by attracting innovative companies with a package of market-entry fundamentals, such as fast-track incorporation, bulk visa-issuance and access to banking and commercial real estate.
Powered by patented blockchain technology, Its open-ledger advertising platform has the potential to streamline the advertiser-publisher relationship, detect and eliminate malicious actors from the sector, while helping to establish the UAE as the world’s safest digital advertising ecosystem.
Dr. Thani bin Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade
“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 revolutionize 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.”
Mark Firth, CEO of VeraViews, commented that, “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 program 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 valued at more than US$550 billion, with the Middle East emerging as one of the fastest-growing regions. The region’s advertising market is expected to reach US$6.9 billion by the end of 2024, with online advertising accounting for over half of the total. The UAE is the second-largest advertising market, with US$1.8 billion spent in 2023.
