The first Middle Eastern unicorn to reach a $3.1 billion valuation

Countries & Cities · Published 15 October 2026 Swipe more like this →

In short: From a corporate car booking website in 2012 to a regional super-app, Careem redefined mobility in the Middle East. Its journey from a startup to an Uber-owned giant involves navigating complex regulations, pioneering women's rights in transport, and navigating a massive data breach.

Founded in 2012 by Mudassir Sheikha and Magnus Olsson, Careem began as a website-based service for corporate car bookings. It rapidly scaled into a ridesharing giant, securing significant funding from investors like STC Ventures and The Abraaj Group. By January 2020, the company reached a milestone as the first unicorn startup in the Middle East outside of Israel, when it was acquired by Uber for $3.1 billion. This deal included $1.4 billion in cash and $1.7 billion in convertible notes, while approximately 75 employees became dollar millionaires.

The company's growth was often tied to social and regulatory shifts. In Egypt, it faced protests from taxi drivers in 2016, leading to government-mandated regulations. In Saudi Arabia, Careem played a pivotal role in the 'Women to drive' movement; by May 2017, women made up 80% of its customers, and by June 2018, the company began recruiting female drivers on the same day women were legally allowed to drive. Despite these successes, the company faced a major crisis in early 2018 when it disclosed a breach affecting over 14 million riders and 558,800 drivers, a vulnerability it had allegedly known about for over a year.

Today, Careem operates as a 'super-app' across 10 countries and over 70 cities. It has diversified into food delivery, grocery services, and digital wallets like Careem Pay. It also focuses on sustainability, with 53% of UAE trips completed via hybrid or electric vehicles in 2023. While it expanded into various markets, it also faced setbacks, such as suspending services in Pakistan due to economic crises and unexpectedly ceasing all operations in Qatar in February 2023.

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