Page 91 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

with a package of market-entry fundamentals, including fast-track incorporation, bulk visa-
issuance and access to banking and commercial real estate.

Its open-ledger advertising platform is powered by patented blockchain technology and has the
potential to not only simplify the advertiser-publisher relationship but identify and ultimately
eliminate malicious actors from the sector, at the same time contributing toward making the UAE
the safest digital advertising ecosystem 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 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.

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

VeraViews CEO Mark Firth believes the UAE is the ideal home for the company's global
headquarters.

He added, "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.

"We are hugely appreciative of the support the NextGen FDI programme has offered and welcome
the opportunity to work with both the UAE government and industry stakeholders to build an
advertising ecosystem that benefits everyone."

The global digital advertising market is currently worth over US$550 billion, with the Middle East one
of its fastest-growing regions. The region's advertising market is projected to reach US$6.9 billion by
the end of 2024, with online advertising accounting for well over half that total.

The UAE remains the second-largest advertising market, with US$1.8 billion spent in 2023.

https://www.wam.ae/en/article/b5605fr-veraviews-launches-uae-under-ministry-
economy%E2%80%99s