Lumi Rental Co., a Saudi Arabian car rental firm, has penned a 471.18 million Saudi riyals ($125.6 million) vehicle leasing contract with petroleum refineries firm Saudi Aramco (Aramco).
As per the deal, Lumi will lease three thousand three vehicles to Aramco, for a period of between three and five years, and Aramco will receive the vehicles during the May-November 2023 period.
Moreso, the partnership aligns with Seera Group Holding's subsidiary, Lumi's, objectives to enhance operational asset growth and anchor the flow of future revenues through long-term leasing contracts.
In addition, the deal is expected to further grow the company's sales and profits over the years ahead, and Seera highlighted that the contracts will reflect positively on its income statements, beginning from the fourth quarter of 2023.