DUBAI, Oct 24 (Reuters) - Saudi Arabia's Kingdom Holding Co, the investment firm controlled by billionaire Prince Alwaleed Bin Talal, said on Tuesday it entered into a 2 billion-riyal ($533 million) joint venture with Red Sea Global to develop a tourist resort to be operated by Four Seasons.

Red Sea Global, developing luxury resorts across islands and inland, is owned by the kingdom's sovereign wealth Public Investment Fund (PIF).

PIF also owns nearly 17% of Kingdom Holding, with Prince Alwaleed holding more than 78%.

The companies will each own 50% of the JV through special purpose vehicles to be set up, Kingdom Holding said in a stock exchange filing.

Kingdom Holding and Red Sea will each invest 258 million riyals, with the rest to be financed via debt raised by the JV, it added.

($1 = 3.7511 riyals) (Reporting by Yousef Saba; editing by Jason Neely)