RIYADH: The Abdul Latif Jameel family, who own dealerships of Toyota and Lexus vehicles in Saudi Arabia, has increased its wealth by $11.5 billion, after US electric vehicle maker Rivian surged on its trading debut.
Jeddah-based Abdul Latif Jameel group invested $303 million, almost 114 million shares, according to the sale prospectus, Bloomberg reported.
The stake puts Abdul Latif Jameel alongside Amazon and Ford on the Rivian share register.
Rivian ended its first day with an estimated value of $88 billion.
Shares in its IPO were priced at $78 to raise about $11.9 billion, which is the sixth largest haul on a U.S. exchange, Bloomberg added.