VeraViews, an adtech company, and the Ministry of Economy in the UAE have officially announced the incorporation of VeraViews under the NextGen FDI initiative, according to a recent press release.
VeraViews is a pioneering digital advertising platform that uses distributed ledger technology to verify advertising views, eliminate harmful content, and prevent bad actors from using the media supply chain to fund ad scams and extremist sites through its proprietary Proof of View technology.
The company, currently beta-testing its video ad-serving product, will establish its global headquarters in Dubai's Media City and support the UAE's efforts to regulate the increasingly complex advertising ecosystem. This will ensure marketing budgets reach verifiable audiences through properly accredited agencies and publishers.
VeraViews is the latest enterprise to take advantage of the Ministry of Economy's NextGen FDI programme, which aims to enhance the UAE's competitiveness by attracting innovative companies. The programme offers a package of market-entry essentials, including fast-track incorporation, bulk visa issuance, and access to banking and commercial real estate.
The company's open-ledger advertising platform, powered by patented technology, has the potential not only to simplify the advertiser-publisher relationship but also to identify and eliminate malicious actors from the sector. It will contribute to 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' DLT-based advertising platform has the potential to revolutionize the media sector here in the UAE – and, ultimately, across the world.
"Advertising is a crucial tool for companies to build their business, expand their customer base, and promote their products and services. It is vital that we create an industry that is transparent and trustworthy, where every dollar spent by our enterprises provides 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 spread of misinformation or other 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 being 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 in the region, with US$1.8 billion spent in 2023.
