It took only four years for the ride-hailing app Careem to be valued at $1 billion. The creation of Magnus Olssen and Mudassir Sheikha, the start-up quickly became a fully-fledged operation, drawing the attention of the deep-pocketed Saudi Telecom Company, which now owns a double-digit stake.
The trio recognised that to make a real impact they would need to work with government regulators in each country, and that is what they have done, signing various agreements to help train and employ almost 100,000 drivers. Their goal is to create 1 million jobs by 2018. They have read each market individually, launching unique services such as female-only limousines in Dubai and water taxis across the Nile in Egypt. As Careem drives past 6 million customers, it is only en route to continued success.