VeraViews To Transform UAE Digital Advertising With Blockchain Under NextGen FDI

The Ministry of Economy has revealed that VeraViews will be established in the UAE under the NextGen FDI initiative. VeraViews is a new digital advertising platform that uses distributed ledger technology to verify ad views, eliminate harmful content, and prevent media supply chain misuse through its Proof of View technology.

Currently beta-testing its video-ad-serving product, VeraViews plans to set up its global headquarters in Dubai's Media City. This move supports the UAE's efforts to regulate a complex advertising ecosystem, ensuring marketing budgets reach verifiable audiences through accredited agencies and publishers.

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, stated, "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."

VeraViews is among the latest enterprises to benefit from the Ministry of Economy's NextGen FDI programme. This initiative aims to boost the UAE's competitiveness by attracting innovative firms with market-entry essentials like fast-track incorporation, bulk visa issuance, and access to banking and commercial real estate.

The open-ledger advertising platform by VeraViews uses patented blockchain technology. It aims to simplify advertiser-publisher relationships while identifying and eliminating malicious actors from the sector. This contributes towards making the UAE one of the safest digital advertising ecosystems globally.

Advertising Market Growth

The global digital advertising market is valued at over US$550 billion, with rapid growth in the Middle East. The region's advertising market is expected to reach US$6.9 billion by 2024, with online ads making up more than half of this total. The UAE remains a significant player, with US$1.8 billion spent on advertising in 2023.

Mark Firth, CEO of VeraViews, expressed his enthusiasm for establishing their headquarters in the UAE. He said, "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."

Support from NextGen FDI

Firth also highlighted their appreciation for the support provided by the NextGen FDI programme. He added that they look forward to collaborating with both the UAE government and industry stakeholders to build an inclusive advertising ecosystem.

"Advertising is a crucial means for companies to build their business, expand their customer base and promote their products and services," Dr. Al Zeyoudi noted. "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."

This initiative not only enhances transparency but also ensures that marketing budgets are effectively utilised through properly accredited channels.

With inputs from WAM