There is perhaps nothing like being faced with your own mortality to make you reconsider your life's purpose.
For the former McKinsey consultant Magnus Olsson it was an aneurysm deep inside his brain that provided the catalyst. Not only was he lucky to survive the initial bleeding, but also the subsequent operations to fix it.
After his recovery, Mr Olsson took some time off in Thailand, sat with some monks and reflected.
"I didn't find out the real meaning [of life] but found out I am supposed to build something, something big," he says. At the age of 15, while still at school, Mr Olsson had founded a small IT consultancy in his hometown of Gothenburg in Sweden.
When he went off to university he handed over his clients to a competitor. It wasn't a big sale but it paid for his college expenses.
He decided to return to entrepreneurship and, along with another former McKinsey colleague, Mudassir Sheikha, began figuring out what business to start.
Before McKinsey, Pakistan-born Mr Sheikha had worked in Silicon Valley for a decade where he had some failures and finally a big success - a service called DeviceAnywhere, which made it easier for mobile app developers to test their product across a large number of different devices and phones.
The pair considered ideas in education, health care, even a fish farm. Eventually, agreeing they were both technology geeks at heart, they decided on a business in the Middle East in which technology would make a real difference.
They looked into ground transportation. As consultants they had travelled the world and had noticed that while airlines and hotels are quite seamless - with options to book and check in online - taxis are less reliable.
Readers will be familiar with the issues: a pre-ordered car's failure to appear; the driver's unfamiliarity with roads; the lack of payment options and, frequently, the driver's lack of change for cash payments; the paper receipts that are inevitably mislaid.
"We felt there was a bit of pain here, that we must be able to do better," Mr Olsson says. "We wanted to make ground transportation reliable and convenient and a little bit fun."
They decided on a limo booking service called "Careem". In Arabic, kareem - typically spelt with a "k" - means generous. They went with a "c" because they are in the car business but they also wanted the spirit of generosity to underpin the business. Central to the system is the Careem app and GPS technology. When a customer opens the app, it automatically finds his location, then asks for the destination. The system then calculates an approximate price for the ride.
The customer selects the booking time and if it's immediately, the app searches for the closest available Careem car. All Careem cars are fitted with a device that picks up the car request message. When a driver accepts the booking, the customer will see the driver's name, his location, his reliability rating, and an estimate of how far it will take to arrive at the pickup point.
The customer can track the driver's progress on his smartphone screen. The driver has navigation technology and knows exactly where the customer is. The customer is also sent the car model and its number plate.
The customer's payment details are stored and processed automatically and at the end of the trip a receipt is delivered to the app and via email.
As part of its kareem policy, drivers get training and customers get to rate each journey; if they are not happy a member of the Careem staff will look into why. So far, in 95 per cent of cases customers have rated their trips with four or five stars, according to Mr Olsson.
Booking with Careem is more expensive than hiring a local taxi because of its premium service but prices compare favourably to other limo companies.
The business was initially funded by the founders but an institutional investor is now on board to help the business grow in the UAE and in the region. Careem is already operating in Doha and is piloting in Riyadh.
"The commission that we keep is quite small and so for this to break even it has to be big scale," Mr Olsson explains. "That's why we are eager to expand. We think it will take us two years to be close to breaking even."
It seems that Mr Olsson's plans to build "something big" are coming to bear.
[ lgutcher@thenational.ae ]
SPEC SHEET: APPLE IPHONE 15 PRO MAX
Display: 6.7" Super Retina XDR OLED, 2796 x 1290, 460ppi, 120Hz, 2000 nits max, HDR, True Tone, P3, always-on
Processor: A17 Pro, 6-core CPU, 6-core GPU, 16-core Neural Engine
Memory: 8GB
Capacity: 256/512GB / 1TB
Platform: iOS 17
Main camera: Triple: 48MP main (f/1.78) + 12MP ultra-wide (f/2.2) + 12MP 5x telephoto (f/2.8); 5x optical zoom in, 2x optical zoom out; 10x optical zoom range, digital zoom up to 25x; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting
Main camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, HD @ 30fps, slo-mo @ 120/240fps, ProRes (4K) @ 60fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting; Animoji, Memoji
Front camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, slo-mo @ 120/240fps, ProRes (4K) @ 30fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Battery: 4441mAh, up to 29h video, 25h streaming video, 95h audio; fast charge to 50% in 30min (with at least 20W adaptor); MagSafe, Qi wireless charging
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay), second-generation Ultra Wideband chip
Biometrics: Face ID
I/O: USB-C
Durability: IP68, water-resistant up to 6m up to 30min; dust/splash-resistant
Cards: Dual eSIM / eSIM + eSIM (US models use eSIMs only)
Colours: Black titanium, blue titanium, natural titanium, white titanium
In the box: iPhone 15 Pro Max, USB-C-to-USB-C woven cable, one Apple sticker
Price: Dh5,099 / Dh5,949 / Dh6,799
FA CUP FINAL
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Hot Seat
Director: James Cullen Bressack
Stars: Mel Gibson, Kevin Dillon, Shannen Doherty, Sam Asghari
Rating: 1/5
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
TO CATCH A KILLER
Director: Damian Szifron
Stars: Shailene Woodley, Ben Mendelsohn, Ralph Ineson
Rating: 2/5
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28