DUBAI—Saudi Prince al-Waleed bin Talal’s $500 million spending spree on technology firms this week marks the billionaire’s return to international deal-making, while closely aligning his investment strategy with the Saudi government after he was ensnared in a corruption crackdown at home.
Prince al-Waleed said late Tuesday he paid $250 million for a 2.3% stake in Snap Inc., parent company of social-media platform Snapchat. On Sunday, he spent $267 million on newly issued shares of Paris-based music-streaming website Deezer...