Page 109 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

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.

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