Majid Al Futtaim CEO: Treat AI like financial capital

Majid Al Futtaim, a lifestyle conglomerate, envisions its AI agents growing to rival the size of its office workforce in the near future. CEO Ahmed Galal Ismail made this statement during a talk at the Sharjah Investment Forum (SIF). Currently, nine percent of the company's customer transactions involve AI agents, which can recommend products, influence choices or guide purchases.

Ismail emphasized the need for a new approach to resource allocation when managing people and machines together, calling this skill "integrative intelligence." This intelligence combines analytics, empathy, insight, intuition with AI. Companies must also safeguard the assets that power these agents, including data, algorithms, and the agents themselves, which Ismail calls a form of intellectual capital. He stressed that this intellectual capital should be handled with the same level of care as financial and human capital.

According to Ismail, online shopping accounts for 25% of Majid Al Futtaim's retail business. There is a growing demand for home-based services such as groceries, entertainment, and other services. The company views online experiences as equally important as in-store experiences.

Ismail also highlighted the rapid growth of online advertising, which is now one of the fastest-growing revenue streams for Majid Al Futtaim. The company's AI-enabled Precision Media business uses apps and loyalty platforms to deliver relevant advertisements at the right moment, extending the company's reach across both physical and digital shopping journeys. This growth trend is driven by trust, as AI-enhanced transparency in pricing and products fosters stronger customer relationships.

Ismail referenced trust barometers from Edelman and Microsoft's AI-use research, showing a strong correlation between institutional trust and AI adoption. The UAE, he noted, fares well in both categories. He concluded by stating that customers will continue to support brands that they trust more. Finally, he discussed how generative AI will reshape the UAE's brand reputation over the next decade, and how Abu Dhabi is accelerating its AI investment as global finance is transformed by technology.