Lumi signs new financial scheme with Abdul Latif Jameel Finance to fund Used vehicle sales in Saudi Arabia
Riyadh – Asdaf News:
Lumi, a leading mobility provider in the Kingdom of Saudi Arabia, has announced the signing of a new collaboration with Abdul Latif Jameel Finance which is a leader in innovative financing solutions and services that is regulated by the Saudi Central Bank (SAMA). The new agreement that provides financing solutions for customers purchasing used vehicles through auto-financing product, highlights the expansion of Lumi’s service portfolio through strategic collaborations with leading financial institutions.
The announcement reinforces Lumi’s commitment to providing innovative and customer-focused solutions to enhance convenience and accessibility for customers purchasing used vehicles. The collaboration also highlights Abdul Latif Jameel Finance’s confidence in enabling accessible financing options for customers purchasing used vehicles, streamlining the process and making ownership more attainable.
Azfar Shakeel, CEO of Lumi Rental, said; “This agreement marks another milestone in Lumi’s ongoing success story and reflects our continuous commitment to creating a distinctive and seamless experience for our customers when purchasing used vehicles. It also highlights the confidence from major financial collaborators in Lumi’s used vehicle business, underpinning the trust and brand equity we enjoy in the market.”
Dr. Khalid Alsharif, CEO, Abdul Latif Jameel Finance, said; “For decades, Abdul Latif Jameel Finance has been a pioneer in making vehicle ownership accessible to everyone in the Kingdom. We are now extending that legacy of trust and expertise to the rapidly growing used vehicle market. This initiative is a direct response to evolving customer needs, and it underscores our unwavering commitment to providing innovative, reliable, and transparent financial solutions that empower our customers at every stage of their journey.”
As demand for used vehicles continue to grow in Saudi Arabia, the Kingdom is witnessing increasing consumer preference for flexible, affordable payment options. Lumi’s used- vehicle sales platform is part of the homegrown mobility provider’s long-term strategy to revitalize their modern fleet while providing value to the end user through access to new and well-maintained vehicles.
With its fleet of over 35,000 well-maintained vehicles spread across 42 locations in the Kingdom, Lumi offers convenient and seamless booking experience enhanced by efficient customer service built on technology, efficiency and scale. As one of Saudi Arabia’s leading vehicle rental and leasing companies, with branches across 18 cities, they are well-equipped to meet the demands of the Kingdom’s growing population.
Lumi’s offerings include vehicle and motorcycle rentals via digital channels, lease services to Corporate and Government sector clients, as well as used vehicle sales. With a wide and growing network of branches across the Kingdom, the company is aligned with Saudi Vision 2030, to revilatise the land mobility sector by providing accessible and modern mobility solutions to residents and visitors through seamless digital innovation.
