After being founded in 1957, the AlKhorayef Group inaugurated its first store in 1962, which sold pumps, submersibles, and excavating equipment. It has since expanded into oil and lubricants, farming solutions, water and power technologies, marine, and diving. In November 2023, Saudi’s Public Investment Fund signed an agreement with the group to acquire a 25% stake in its subsidiary, Alkhorayef Petroleum. A month later, the National Water Company signed a $581 million 15-year agreement for Alkhorayef Water & Power Technologies to maintain four sewage treatment plants in Riyadh.