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Lumi drives growth: Massive boom in Saudi’s car rental sector

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Lumi offers a range of services, keeping in mind the diverse needs of its Saudi customers

Lumi, powered by Saudi Arabia-based Seera Group’s local expertise, has emerged as the leading car rental and leasing brand in the Kingdom, while becoming a beacon of innovation and dynamism in the land mobility sector, reshaping the movement of people and businesses across the Gulf country and beyond in the process.

With a fleet of over 30,000 vehicles, 36 branches in 18 cities, and 80% of cars in under 12 months, Lumi is set to revolutionise the definition of land mobility in the Kingdom in alignment with the Gulf nation’s ‘Vision 2030’ economic diversification agenda, with its operational excellence and personalised services.

In 2019, Lumi underwent a significant rebranding, while declaring a renewed commitment to innovation, and superior customer service.

A Glorious Journey

Lumi has achieved major milestones since 2020, including ISO certification, conversion to a Joint Stock Company, and expansion of services and branches.

In 2021, Lumi showcased its unwavering commitment to digital innovation through the introduction of a cutting-edge mobile application, a dynamic bike rental service, and strategic expansion initiatives. The momentum continued into 2022, as Lumi reached a significant milestone by inaugurating its used car sales showroom, thereby adding a transformative dimension to the company’s progressive journey.

The market success was further sweetened up by Lumi’s spectacular debut on the Saudi Stock Exchange, where its shares soared as much as 30%. As it captured an estimated 7% Saudi market share in 2021, Lumi’s Initial Public Offering (IPO) generated much interest, with bids oversubscribing nearly 95 times.

Excellent Leadership Responding To Customer Needs

The CEO of Lumi, Mr. Azfar Shakeel, has been instrumental in the company’s recent success. He was supported by the CFO, Mr. Sulaiman Al-Rasheed, and the Executive Director of Human Capital Engagement, Mr. Mohammad Al-Amro.

With extensive experience and renowned for their bold visions, these seasoned professionals have been pivotal in driving Lumi to its current pinnacle of success. Guiding a team of equally dedicated professionals, these leaders are instrumental in realising the venture’s vision and navigating its journey with unwavering commitment.

Lumi is also collaborating with several partners to enhance its services. The company’s well-maintained vehicles and top-notch services across the Kingdom have garnered numerous awards and honours, including recognition at the prestigious World Travel Awards for four consecutive years.

Lumi offers a range of services, keeping in mind the diverse needs of its Saudi customers. The prominent one is the car rental services, which are executed by Lumi’s modern fleet of 30,000 plus well-maintained vehicles across 36 Saudi branches, providing a seamless booking experience via a state-of-the-art mobile website, app, and digital-first branch network.

Then comes ‘Corporate & Government Leasing’, where Lumi offers tailored solutions through a dedicated portal, thereby offering cost-effective vehicle leasing, transportation solutions, and account management support.

Lumi’s ‘Used Car Sales’ helps its users access a massive range of well-maintained and pre-owned vehicles with a seamless booking experience. Apart from these services, the venture is also providing two-wheeler rental services involving Harley-Davidson and BMW motorcycles.

Finally, Lumi offers its ‘Event Transportation’ services, addressing transportation concerns associated with major events, conferences, festivals, and beyond.

Lumi is attuned to the ever-evolving transportation requirements of its customers, ensuring top-notch quality and safety at affordable rates. Additionally, Lumi is actively investing in innovation to enhance the overall customer experience, aiming to foster lasting brand loyalty through unparallelled customer satisfaction.

The Road Ahead

In a nation being transformed by ‘Vision 2030’, Lumi is a shining example of the potential for innovation and growth in Saudi Arabia.

The Gulf country’s car rental and leasing sector has been revitalised after a growth in fortune in the nation’s travel and tourism sector. The boom has also been aided by the Saudi government’s initiatives to promote the Kingdom as a new global tourist destination.

The Saudi Arabia car rental and leasing market size reached USD 2.3 billion in 2023. It will grow further with a CAGR (Compounded Annual Growth Rate) of 9.40% between 2024 and 2032, reaching a value of around USD 3.9 billion by 2032.

Expect Lumi as one of the guiding forces leading the sector’s revolution in the coming days.

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