Careem was also founded by Mohammad Hayajneh .
The company is valued at around $ 1 billion as of 2017. Careem was co-founded by Mudassir Sheikha and Magnus Olsson , who had both worked as management consultants at McKinsey & Company It started operating in July 2012 as a website-based service for corporate car bookings , and evolved to become a transportation network company with car hire for everyday use .