UFC President Dana White has finally announced the launch of a new boxing league alongside Saudi Arabia expert Turki Alalshikh under the TKO Group Holdings umbrella.

The three parties shared the news after years of speculation that investors from the Middle East country are interested in entering the boxing world with White's prowess in the biggest MMA championship.

The American has been a long admirer of Turki Alalshikh as the famous adviser was understood to play a huge part in UFC's tournaments held in Saudi Arabia throughout the past year.

In their last tournament held in Riyadh, White and the boxing giant brought former UFC middleweight champion Israel Adesanya to face Nassourdine Imavov in the main fight, while Russian prospect Sharabutdin Magomedov shared the octagon with Michael 'Venom' Page.

 'I’m excited. I wouldn’t be where I am today without boxing. The sport of boxing is where I started,' said the UFC CEO after the announcement.

'I felt like it was something that could never be fixed - until this guy (Turki Alalshikh) showed up. He has done more for boxing than any promoter of the sport combined.' 

Following a short amateur career, White entered the boxing business by opening a gym in Boston in the early 1990s with Peter Welch.

He recently highlighted how the former Golden Gloves champion instructed a back-then young White, teaching him the ins and outs of the combat sports.

Now, White is set to partner with Saudi Arabia's general entertainment authority, who has been the face of the last biggest boxing events under the TKO, which owns the UFC and WWE.

'He and I have become very close friends in a short amount of time and there aren’t a lot of people I would do a deal like this with,' he added. 'There’s no people, actually, he’s the only guy.'

The new deal comes after White previously criticised boxing promoters for avoiding major fights amid Riyadh Season's latest events, such as the recent rematch between Artur Beterbiev and Dmitry Bivol.

In October last year, the 55-year-old often aimed towards boxing referees, whose judging he called 'atrocious'.

'I am very happy today,' Alalshikh added. 'I give the flag of boxing to the best man who can handle it. 

'We have a tough job now, but I am sure he will be delivering to the people and the fans the magnificent league and get boxing great again.