After the initial public offering of electric truck company Rivian Automotive, a Saudi family that built its business on gasoline-fueled cars now has a fortune of about $8.9 billion.

According to the sale prospectus, Abdul Latif Jameel, a Jeddah-based corporation named after its father and now owned by his sons, owns about 114 million shares in Rivian, which were obtained through $303 million in loans to the US company. Rivian's stock is set to begin trading in New York on Wednesday at $78 a share, valuing the business at $76.4 billion fully diluted.

Rivian Electric Vehicles Raises $11.9 Billion in the Year's Biggest IPO

Abdul Atif Jameel joins Amazon and Ford Motor as major shareholders in Rivian, situated in Irvine, California. The Saudi firm, which began as a small trade firm in 1945, is today best recognized in its native market as the distributor for Toyota Motor Corp.'s vehicles.The New York Times Says Rivian CEO Promised 20-40K Vehicles In 2021

In 2018, Abdul Latif Jameel's investment unit purchased Rivian stock warrants. According to Rivian's IPO filings, it was the Saudi company's first investment, however, an article in management consultant McKinsey & Co.'s magazine published in 2020 stated that it had made its first investment eight years prior.

Electric vehicle stocks have surged this year as people become more concerned about climate change, battery technology improves, and fuel prices rise. Tesla has seen a 45% increase in its stock price.

Abdul Latif Jameel isn't the only Saudi investor who has profited from a foray into the electric vehicle industry. Lucid Group received a $1 billion investment from the kingdom's sovereign wealth fund in 2018, followed by another $600 million this year as the company went public through a merger with a special purpose acquisition company.

Rivian's IPO on Tuesday raised around $11.9 billion, making it the year's largest IPO. According to documents with the US Securities and Exchange Commission, the truckmaker previously sold 135 million shares at a price range of $72 to $74, up from $57 to $62.