JEDDAH — The Ministry of Transport announced it is looking into enabling Saudi individuals to lease their privately-owned vehicles. A source from the ministry said it is legal for establishments and institutions to lease vehicles. The ministry is now looking into enabling individuals in the society to privately lease their vehicles. "The ministry is also regulating transportation companies which offer its services through mobile applications. The ministry has granted Careem transportation services company its license on Wednesday after it complied with all of the ministry's regulations," said the source. The source also said seven companies, who also offer transportation services through mobile application, have also obtained a license from the Ministry of Transport. "The new wave of transportation companies will facilitate transportation services in the Kingdom. The ministry supports companies with innovative services, which will greatly serve the general public. Such companies will also mitigate traffic and fuel consumption by offering transportation services to people rather than have every individual owning a car to be able to commute," said the source. The source also said the ministry has regulations in place that all transportation companies must conform to. "The ministry will put in place regulations enabling Saudi individuals to contract with car leasing companies allowing the company to lease their privately owned cars with profit as listed in contract and the ministry' regulations," said the source. The source also said the privately-owned cars on lease will not be counted to the minimum number of cars required by the leasing company to operate. "The leasing companies must adhere to all of the rules and regulations set by the ministry. If the company is undergoing any changes and adjustments, it must inform the ministry 10 days in advance. Violating one of the regulations will lead to the suspension of the operation license," said the source.
