The UAE Ministry of Economy has announced the incorporation of VeraViews in the UAE, as part of the NextGen FDI initiative. VeraViews is an innovative digital advertising platform that leverages distributed ledger technology to ensure the accuracy of advertising metrics, curtail harmful content, and combat ad fraud and funding for extremist sites through its unique Proof of View technology.
Currently in the beta-testing phase, VeraViews will set up its global headquarters in Dubai’s Media City. This move aligns with the Ministry of Economy’s NextGen FDI programme, which aims to bolster the UAE’s position as a competitive hub for innovative businesses. The initiative offers benefits such as streamlined incorporation processes, bulk visa issuance, and enhanced access to banking and commercial real estate services.
This strategic decision is part of the UAE’s broader efforts to regulate the complex advertising ecosystem, ensuring that marketing investments reach genuine audiences through accredited agencies and publishers. The blockchain-powered platform by VeraViews promises to simplify relationships between advertisers and publishers and aims to purge the industry of malicious entities, positioning the UAE as a leader in safe digital advertising globally.
Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, commented on the initiative, “The NextGen FDI initiative continues to attract top-tier companies that use advanced technology to refine key industries.” He added that VeraViews’ technology has the potential to transform the media landscape in the UAE and globally.
Mark Firth, CEO of VeraViews, expressed optimism about their new location, stating, “The UAE’s media industry is vibrant and diverse, making it the perfect setting for our headquarters.” He highlighted the potential of their technology to significantly reduce fraud and prevent the spread of misinformation.
The global digital advertising market is valued at over $550 billion, with the Middle East being one of the fastest-growing regions. Expected to reach $6.9 billion by 2024, the online segment will constitute the majority of this growth. In 2023, the UAE was the second-largest advertising market, with expenditures totaling $1.8 billion.
