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The world has a new richest race, with the announcement of the creation of the US$20 million Saudi Cup (1800m), to be run at King Abdulaziz Racetrack in Riyadh on February 29.

The race will be run on dirt and have a maximum field of 14 starters. The race will be free to enter and free to run in.

The prize for the winning horse will be US$10 million with horses down to 10th place sharing another US$10 million between them.

"The introduction of the Saudi Cup as an international race is without doubt the most significant event in the history of horse racing in Saudi Arabia, and demonstrates our resolve to develop this great sport in the Kingdom of Saudi Arabia, and also our ambition to become a leading player on horse racing's world stage," His Royal Highness Prince Bandar bin Khalid Al Faisal said.

"We look forward to welcoming international horsemen and women, the media, racing enthusiasts and the public to Riyadh in 2020."

The Saudi Cup will take its place in the international calendar at the end of February and will be run four weeks after the Pegasus World Cup (1800m) at Gulfstream Park, and four weeks prior to the Dubai World Cup (2000m) at Meydan, meaning that the top horses in training have the opportunity to compete in all three of the most valuable dirt races in the world.

The Jockey Club of Saudi Arabia will arrange and fund the shipment of all invited horses, and arrange and pay for the flights and hotel accommodation of the horses' connections. In addition to the Saudi Cup, there will be further international races on the undercard ahead of the showcase race, which will be announced at a later date.