“Our Purpose Has Been the Same Since Day One, and That is to Simplify the Lives Of People.” Careem Co-Founder Magnus Olsson Reflects on Building a Business Beyond Financial Success
Olsson also highlighted the UAE’s growing importance as a launch pad for startups seeking regional and international expansion.
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Building a company starts with having a purpose that extends beyond business success, Magnus Olsson, co-founder and Managing Director of Careem, said.
Speaking during a session titled “Beyond the Blueprint” at The Impact Event by Hub71, Olsson joined Chris Rogers, partner at Knollwood and board member of Hub71, to reflect on Careem’s journey from a startup to one of the region’s most influential technology companies.
“In this business, there’s a 99% chance the money will be lost, and 1% chance you will make it, but I think the biggest thing for Careem is our purpose, which is our reason for existence. It has been the same since day one, and that’s to simplify the lives of people and to build an awesome organization that inspires,” Olsson said.
“We did it with rides and ride hailing and came through with groceries and payments, and we tried to say things that are messy, challenging, that has friction, let’s try to simplify it,” he added.
Olsson also highlighted the UAE’s growing importance as a launch pad for startups seeking regional and international expansion, citing its ability to attract talent, capital and global business activity.
“The UAE is a unique launch pad. We need three things: first, you need access to markets; half the population is within four hours of flight time [from here]. You need access to capital; Abu Dhabi is the capital of capital. And, [third is] access to talent – people want to come to the UAE,” he explained. “Twenty years ago when I came, there was a hardship allowance to come to the UAE. Now people probably take a discount to come here because it’s so attractive.”
While investors have long been attracted by the Middle East’s large, youthful, and digitally connected population, Olsson noted that operating across the region requires local expertise, dedicated teams and country-specific strategies.
He said Careem’s expansion into markets such as Pakistan and Egypt relied on empowering local teams that understood the needs and behaviors of customers in each country.
“We are not one region, we’re a bunch of countries, and the way you operate just because you are operating in Dubai doesn’t mean at all that you can operate in Riyadh or Jeddah…,” Olssan stated. “You have to go city by city for most services.”
Hub71’s Impact Event 2026 is an annual event that convenes stakeholders across the startup, investment, and innovation ecosystem. This year’s edition is running from June 9-10 at Manarat Al Saadiyat in Abu Dhabi.
Building a company starts with having a purpose that extends beyond business success, Magnus Olsson, co-founder and Managing Director of Careem, said.
Speaking during a session titled “Beyond the Blueprint” at The Impact Event by Hub71, Olsson joined Chris Rogers, partner at Knollwood and board member of Hub71, to reflect on Careem’s journey from a startup to one of the region’s most influential technology companies.
“In this business, there’s a 99% chance the money will be lost, and 1% chance you will make it, but I think the biggest thing for Careem is our purpose, which is our reason for existence. It has been the same since day one, and that’s to simplify the lives of people and to build an awesome organization that inspires,” Olsson said.
