The 'Umbrella' singer "grew tired" of the billionaire and "broke his heart", an unnamed source told gossip website MediaTakeOut.
"It was a good relationship, but now it's over. Of course Rihanna broke his heart. That's what she does: break[s] men's hearts," said the source.
Jameel's family has a net worth of NZ$4.2 billion and last year was ranked the 4th richest family in the Arab world, owning the exclusive rights to Toyota car sales in Saudi Arabia.
The couple only made very few public appearances - one being the Grammys after party, where they left an hour apart.
Rihanna hasn't just apparently gotten rid of her boyfriend; she is also reported to have said that she and Drake aren't friends at the moment either.
"We don't have a friendship now, but we're not enemies either... it is what it is," she told Complex.
Rihanna is currently promoting the release of Ocean's 8, which she stars in alongside Sandra Bullock, Anne Hathaway and Cate Blanchett.