Founded by Mohammad Abdulaziz Al-Rajhi in 1962, Rajhi Invest has investments across the industrial, banking, financial investments, hotels and hospitality, real estate, and global investment sectors. The group has stakes in Rajhi Steel, Al Rajhi Bank, and Saudi Tourism Development Company, among others. In 2023, the group developed and opened over 1,500 hotel rooms across four hotels in Makkah and Al Khobar in Saudi Arabia. In September 2023, the group announced the establishment of a steel production company jointly with PIF and SABIC in a deal worth more than $3 billion.