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, the company that already houses WWE and UFC, is set to step into the ring with a new boxing promotion as part of a business deal with Saudi Arabia. TKO announced Wednesday it entered a multiyear partnership with Turki Alalshikh,

UFC and WWE parent TKO Group has jumped into boxing, inking a partnership with Saudi Arabia in a deal with Turki Alalshikh and Sela for a new boxing promotion.