Born on 30 September 1981 in Riyadh, Al Rajhi is a member of the family that established the largest bank in Saudi Arabia. He was raised in Riyadh and entered the professional world at an early age. In 1998, his father appointed him as an observer of the Private Property Office. By 2004, he had risen to the position of general manager for the office across the Kingdom. Outside of his sporting and business interests, Al Rajhi has expressed firm views on domestic governance, arguing against free speech in Saudi Arabia and stating that negative talk regarding the nation's rulers should not be accepted, even in private settings.
Al Rajhi began his competitive rallying career in 2007, the same year he established the Al Rajhi Racing Team (later renamed Yazeed Racing Team). His initial foray into the sport was an unofficial entry in the 2007 Jordan Rally, a round of the Middle East Rally Championship (MERC), intended to build experience for future international competition.
He made his formal World Rally Championship (WRC) debut in 2008 at Rally Argentina driving a Subaru Impreza WRX STI. That same year, he competed in the Jordan Rally. By 2009, he had established himself as a regional contender, finishing third overall in the Middle East Rally Championship.
Al Rajhi's career transitioned through various tiers of international rallying. In 2010, he finished 13th overall at the Jordan Rally in a Peugeot 207 S2000 and was recognized as the best upcoming competitor during the event. His 2011 WRC campaign was difficult, resulting in six retirements across seven rounds, though he managed a 14th-place finish at the Tour de Corse.
His performance in the secondary WRC tiers proved more successful; he finished third overall in the 2012 WRC2 standings and followed this with a fifth-place overall finish in 2013. During the 2012 season, he scored his first WRC points with an eighth-place finish at the Acropolis Rally in Greece.
In 2014, Al Rajhi shifted his focus toward cross-country rallying, finishing third overall in the Cross Country Championship (CCR), a result he repeated in 2015 and 2016. He achieved a major international victory in 2018 by winning the Silk Way Rally. Following the conclusion of his WRC participation in 2018, he focused on the burgeoning rally-raid scene in Saudi Arabia, winning the inaugural Saudi Desert Rally Championship in 2019.
His dominance in the FIA World Cup for Cross Country Baja came in the early 2020s, where he secured consecutive world titles in 2021 and 2022. Domestically, he remained the benchmark driver for the Saudi Toyota Championship, winning the title in 2019, 2022, 2023, and 2024.
Al Rajhi's transition to the Dakar Rally defined the later stage of his career. He made his debut in the event in 2015. During the 2021 Dakar Rally, held in Saudi Arabia, he drove a Toyota Hilux to two stage victories. This achievement made him the first Saudi and Arab driver to win a stage on home soil in his specific class, as well as the youngest stage winner of that year's edition. He finished the 2020 Dakar Rally in fourth place, marking one of his strongest early showings in the event.
Al Rajhi's statistical peak is highlighted by his 2025 Dakar Rally victory, where he became the first Saudi driver to win the event on home soil. His record includes two FIA World Cup titles (2021, 2022) and four domestic Saudi Toyota Championship titles. Known by the nickname "The Black Horse," his career spanned the WRC, MERC, and global rally-raid competitions.
Beyond racing, Al Rajhi has held several ambassadorial roles. In 2008, he was selected by UNICEF as the first Saudi Goodwill Ambassador for Saudi Arabia and the Gulf. In 2009, he was appointed as a "Donate Life" ambassador and received the title of "Gentleman" from a Rotana magazine readers' poll. He has also served as an ambassador for drug prevention efforts in Saudi Arabia. In 2008, he was recognized as the third most distinguished athlete in Saudi Arabia in a competition organized by Mobily and Riyadiah.