Careem 

The platform has developed from a Dubai ride-hailing start-up into one of the Middle East’s most recognised technology platforms, offering services across transport, food delivery, groceries, payments and other everyday consumer categories.

The company was founded in 2012 by Mudassir Sheikha and Magnus Olsson, with Abdullah Elyas joining as its third co-founder in 2013. Sheikha remains co-founder and chief executive, while Olsson serves as co-founder and chief product architect.

Careem’s defining corporate milestone was its $3.1bn acquisition by Uber. Announced in 2019 and completed in 2020, the transaction represented the largest technology exit in the Middle East at the time and demonstrated that a regionally founded technology business could achieve multibillion-dollar scale. The ownership structure evolved again in 2023, when e& agreed to invest $400m in the Careem Super App business. The resulting technology platform is jointly owned by e&, Uber, Careem’s co-founders and employees, with Sheikha continuing to lead the business. Uber retained ownership of the ride-hailing business while Careem Technologies focused on the Super App.

Careem now describes its ambition as building the region’s “Everything App”. Its services encompass mobility, restaurant delivery, groceries, payments and other consumer functions designed to increase the frequency with which customers interact with the platform. According to Careem, the business has operated in more than 70 cities across 10 countries and has served more than 50 million customers since launch. It says more than 2.5 million Captains have generated earnings through the platform.

The multi-service model represents an important evolution in Careem’s economics. Ride-hailing built its customer base and brand, while food, groceries, payments and subscriptions allow the company to generate additional transactions from users already inside its ecosystem. Careem’s wider importance to the Gulf technology sector comes from both its operating scale and its exit history.

The Uber transaction became a benchmark for regional entrepreneurs and investors, while the subsequent e& deal demonstrated continued institutional confidence in the Super App strategy. Its next phase depends on disciplined expansion. Multi-service platforms can deepen engagement, but each category has different competitors, margins and operating requirements.