Lumi bags SAR 41.8M vehicle rental services contract from RCU

Lumi Rental Co. received a purchase order (PO) from the Royal Commission for AlUla (RCU) to provide vehicle rental services based on a previously concluded contract (framework agreement) between the two parties. 

The contract was signed on Nov. 29 at a value of SAR 41.83 million, excluding value-added tax (VAT), the company said in a statement to Tadawul. 

The PO includes providing rental services for 264 vehicles to RCU, subject to the terms and conditions stipulated in the previously signed framework agreement. 

The duration of the purchase order is three years, the company added, noting it expects this deal to positively impact the financial statements starting from Q1 2024. 

There are no related parties to the contract, Lumi stated. 

Source: Argaam