“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

Magnus Olsson, co‑founder and Managing Director of Careem, told delegates at Hub71’s Impact Event 2026 in Abu Dhabi that building a company requires a purpose beyond financial returns. Speaking at a session titled “Beyond the Blueprint” held at Manarat Al Saadiyat on June 9, Olsson reflected on Careem’s evolution from a ride‑hailing startup into a multi‑service technology company and highlighted the UAE’s role as a launch pad for startups targeting regional and international expansion. He joined Chris Rogers, partner at Knollwood and a Hub71 board member, for the discussion.

“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.

Olsson used Careem’s product trajectory to illustrate that purpose‑driven strategy. “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 said, describing how the company broadened its services to address everyday frictions for users. He also emphasised that regional expansion required more than a central playbook: “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… You have to go city by city for most services.”

How Careem scaled: local teams and tailored strategies

Olsson pointed to specific markets where Careem leaned into local capability, noting expansion efforts in countries such as Pakistan and Egypt relied on empowering teams that understood local customer behaviours and regulatory environments. He framed this operational approach as essential for companies that hope to scale across the Middle East and beyond.

• Access to markets: “half the population is within four hours of flight time [from here],” Olsson said, highlighting the UAE’s geographic connectivity.
• Access to capital: “Abu Dhabi is the capital of capital,” he added, noting the emirate’s growing role in financing innovation.
• Access to talent: “people want to come to the UAE,” Olsson observed, contrasting today’s inbound appeal with two decades ago: “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.”

Hub71’s Impact Event 2026, running June 9–10, brings together stakeholders across the startup, investment and innovation ecosystem. Olsson’s remarks underscored a message for founders and investors at the event: commercial success is important, but durable businesses are built on clear purpose, strong local teams and a city‑by‑city approach to market entry. The session, moderated alongside Chris Rogers, reinforced Careem’s narrative of expanding services while keeping its founding aim—to simplify people’s lives—front and centre.