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Lumi, MachinesTalk pen SAR 28m deal to bolster digital transformation

Lumi, MachinesTalk pen SAR 28m deal to bolster digital transformation
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Riyadh – Mubasher: Lumi Rental Company signed a SAR 28 million agreement with MachinesTalk, a leading Internet of Things (IoT) solutions provider in Saudi Arabia, according to a press release.

The two parties will join forces with the satellite-supported car-sharing platform AnyCar to provide accurate information on vehicle movement.  

The collaboration aims to evolve vehicle sharing and boost digital transformation by upgrading fleet management through technologies such as, IoT and Artificial Intelligence (AI).

Under the five-year deal, AnyCar will transform Lumi’s fleet into a digital sharing ecosystem to secure complete control over vehicles and offer an enhanced self-service experience for Lumi’s customers.

Syed Azfar Shakeel, CEO of Lumi, said: “The new technology agreement will draw on machine learning and the Internet of Things to predict, identify, and monitor trends to enable our customers to achieve higher levels of cost efficiency in addition to increased productivity across our operations.”

Nawaaf Al Shalani, CEO of MachinesTalk, noted that the agreement “aims to promote IoT and AI in the transportation sector, facilitate digital transformation, enhance traffic safety, maximise vehicle utilisation by analysing real-time data and provide valuable services to customers.”

It is worth highlighting that Lumi commenced the listing and trading of its shares on the Main Market of the Saudi Exchange (Tadawul) on 25 September 2023.