Saudi billionaire Prince Alwaleed bin Talal has joined Daimler AG, the world’s biggest luxury-car maker, as an investor in a $500 million-fundraising by a Dubai-based ride-hailing company.

Alwaleed’s investment vehicle, Kingdom Holding Co., will get a seat on Careem Networks FZ’s board as part of the deal, Careem said in a statement. DCM Ventures and New York-based Coatue Management LLC also took part in the second round of fundraising, which valued the company at $1 billion, the ride-hailing company said.

Careem raised $350 million from investors including Japan’s Rakuten Inc. and