Lumi turned Seera's car-rental arm into a listed Saudi mobility platform

Seera owned a growing car-rental business inside a broader travel group. In December 2022, shareholders approved the demerger of Lumi Rental and the offering of 16.5 million shares, equal to 30% of Lumi's capital, through an IPO on the Saudi Exchange.

The decision gave Lumi its own market identity before a major operating proof point. In April 2023, Lumi signed two vehicle-rental contracts with Saudi Aramco worth SAR471.2 million, covering 3,003 vehicles for three to five years.

Seera then reframed itself as a strategic investor rather than an operating holding company. Its November 2023 strategy update said Lumi's 30% stake had been listed in September and described the car-rental business as self-sustaining, cash-generating, and expected to reach about 35,000 vehicles by 2025.

Lumi listed 30% on Tadawul and signed SAR471.2M of Aramco leases for 3,003 vehicles over three to five years.

The demerger let investors value Lumi's lease, rental, and used-car model separately from travel and hospitality.

Long-term corporate leases gave the business future revenue visibility before and after listing.

Keeping Seera as a strategic owner preserved portfolio oversight while giving Lumi public-market discipline.

A subsidiary becomes easier to scale when its capital structure, customer promise, and reporting are separated from the parent.

Lumi became a separately listed Saudi mobility company rather than a buried segment inside Seera. For Seera, the move supported a broader shift toward owning and recycling capital across portfolio companies such as Almosafer, Lumi, Portman, and hospitality assets.