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Careem is undoubtedly one of the most talked about entrepreneurial success stories in MENA today, given its goal of being known as “our region’s preeminent technology platform” (co-founder and CEO Mudassir Sheikha) middle east entrepreneurs (last year), saying that the UAE-born company, which is currently “building the 'everything app' for the Middle East region,” will remain an integral part of the business ecosystem here for a long time to come. There seems to be no doubt about it. someday.
As such, Careem has clearly come a long way from its fledgling ride-hailing business when we first featured the company in 2014. middle east entrepreneursIt was just two years after Sheikh and Magnus Olsson founded their company in Dubai. “Since we launched in 2012, we have experienced more growth and impact than we ever imagined,” Cheika says now. “We simplify the lives of more than 50 million people, create nearly 3 million revenue opportunities, and help every app from our mobility platform to a dozen digital services and other startups scale. “We have helped push the boundaries of what was thought possible in this region and inspired others to dream big.” We achieved this by staying true to our purpose, overcoming obstacles, and hiring phenomenal colleagues who act as true owners.”
Based on these principles, Careem's ride-hailing business was acquired by San Francisco-based Uber in 2019, marking the beginning of Careem's “Chapter 2.” The company's “Chapter 3” begins in December 2023, when UAE-based technology and investment conglomerate e& completes the acquisition of a majority stake in Careem Technologies, Careem's non-carpooling business, and the company essentially controls all the apps it builds. “Thanks to his two strong partners, e& and his Uber, we can now simplify the lives of more people in more ways than just mobility,” said Cheika. says. “e& is undergoing a transformation from one of the region's largest telecommunications companies to a global technology investment group that shares our vision of uplifting the region through the services we provide and the capabilities we help build. “We bring significant value to Careem through our large customer base, geographic footprint, portfolio and network of companies, including commercial support.”
Related: Careem: This Middle Eastern startup is moving full speed ahead
As such, the road ahead looks to be an exciting one for Kareem, and the Sheikh has no hesitation in sharing his excitement for the future that beckons. “The opportunity for all-things apps across the Middle East is huge,” he says. “There are so many everyday frictions in our region that can be solved with digital services. Our region lacks a strong player like Careem that offers the convenience and value that all apps can offer. .”
Mudassir Sheikha, co-founder and CEO of Careem;Source: BNC Publishing
Mudasir Sheikha then and now 20/20
Looking back at where you were in your entrepreneurial/career/business trajectory 10 years ago, would you have done anything differently if you knew what you know now? Or what is the biggest lesson you wish you had known 10 years ago?
“It's easy to look back and think about what we could have done better. We made a lot of mistakes along the way, but we reacted quickly, learned each time, and iterated, so we survived. Probably the biggest lesson I hope I learned back then was the importance of hiring leaders you can trust and actually letting them do the work.I have a habit of staying involved in multiple topics. , as we grew in size and complexity, we had no choice but to delegate. And trust our team!”
Related: 10 Years in Review: Prince Khaled bin Alwaleed, Founder and CEO of KBW Ventures
