TKO Group Holdings Inc., which owns the UFC and WWE, is teaming up with a subsidiary of Saudi Arabia’s Public Investment Fund to create a new boxing promoter that will host its first event next year.

TKO Group Holdings, which owns the UFC and WWE, launches a new boxing promotion backed by investment from Saudi Arabia.

The deal, which is also partnering with the Saudi entertainment and sports firm Sela, will see TKO serve as managing partner, running the day to day operations. UFC President and CEO Dana White and WWE President and TKO board member Nick Khan will anchor the leadership team.