News 2024/09/24 10:25
VeraViews will leverage the NextGen FDI initiative to expand into the UAE and set up its global headquarters in Dubai Media City.
Mark Firth: “The UAE’s media industry is dynamic and diverse, with a mature mix of platforms, publishers, agencies and networks.” Photo by Christine Hume on Unsplash
VeraViews is a digital advertising platform that uses distributed ledger technology to verify ad views, eliminate the spread of harmful content, and prevent bad actors from exploiting the media supply chain to fund ad fraud and extremist sites with its proprietary Proof of View technology.
The company said it is currently beta testing its video ad-serving product and announced it would establish its global headquarters in Dubai’s Media City to support the UAE’s efforts to regulate an increasingly complex advertising ecosystem, ensuring marketing budgets reach verifiable audiences through properly accredited agencies and publishers.
VeraViews is the latest company to take advantage of the Ministry of Economy’s NextGen FDI program, which aims to boost the UAE’s competitiveness by attracting companies with a set of market entry packages, including fast-track incorporation, mass visa issuance, and access to banking and commercial real estate.
VeraViews says its open ledger advertising platform, powered by patented blockchain technology, will not only simplify advertiser-publisher relationships but also have the potential to identify and ultimately remove bad actors from the industry, while contributing to making the UAE one of the safest digital advertising ecosystems 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 technologies to strengthen our nation’s most important industries. VeraViews’ advertising platform based on distributed ledger technology has the potential to revolutionize the media sector here in the UAE, and ultimately around the world.”
“Advertising is a key way companies build their business, grow their customer base and promote their products and services, so it’s vital we create an industry that is transparent and trustworthy – and one where every dollar spent by companies is valued.”
VeraViews CEO Mark Firth believes the UAE is the ideal location for the company’s global headquarters. He added: “The UAE’s media industry is dynamic and diverse, with a mature confluence of platforms, publishers, agencies and networks. VeraViews believes our distributed ledger technology can add significant value to this sector by helping to eradicate fraud and prevent the spread of misinformation and other harmful content.”
“We are extremely grateful for the support provided by the NextGen FDI program and welcome the opportunity to work collaboratively with both the UAE government and industry players to build a advertising ecosystem that benefits everyone.”
According to VeraVeiws, the global digital advertising market is currently worth over US$550 billion, with the Middle East being one of the fastest growing regions. The region’s advertising market is forecast to reach US$6.9 billion by the end of 2024, with online advertising accounting for more than half of that.
The company said the UAE remains the second-largest advertising market in the Middle East, with $1.8 billion spent in 2023.
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