VeraViews launches in UAE under NextGen FDI initiative

On September 16, 2024, the UAE's Ministry of Economy announced the incorporation of VeraViews under the NextGen FDI initiative. This innovative digital advertising platform is currently in the beta-testing phase for its video-ad-serving product and will establish its global headquarters in Dubai's Media City. The initiative aims to enhance the UAE's competitiveness by attracting cutting-edge companies, providing them with essential market-entry support such as fast-track incorporation and access to banking services. VeraViews utilizes patented open-ledger technology to streamline the relationship between advertisers and publishers, aiming to eliminate fraud and misinformation in the advertising sector. The company’s CEO, Mark Firth, expressed confidence in the UAE as an ideal location for their headquarters, citing the dynamic media landscape and the potential for their technology to add significant value to the industry. The global digital advertising market is valued at over $550 billion, with the Middle East emerging as one of the fastest-growing regions. By the end of 2024, the region's advertising market is projected to reach $6.9 billion, with online advertising comprising a significant portion. The UAE, as the second-largest advertising market, spent $1.8 billion in 2023, highlighting the importance of this sector to the national economy. The NextGen FDI initiative continues to attract innovative companies, fostering collaboration between the government and industry stakeholders. This partnership aims to create a safer and more efficient digital advertising ecosystem, benefiting all parties involved and positioning the UAE as a leader in the global advertising landscape.