TKO Group, the parent company of WWE and UFC, is stepping into the boxing arena with a new promotion through a business deal with Saudi Arabia.

Saudi Arabia has welcomed 2.5 million sports tourists, hosting 80 international sporting events as part of its rapid transformation under Vision 2030, according to Minister of Tourism Ahmed Al-Khatteb.

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.