Saudi Arabia will host a new horse racing event with a prize fund of more than $17 million.
A report by Reuters claims the King Abdulaziz Horse Championship would be a similar size to the Kentucky Derby.
And with $17m on offer, it would become one of the richest events in the sport.
In 2017, the Pegasus World Cup in Florida ousted the Dubai World Cup as the world’s richest race. The Everest, the Breeders’ Cup Classic and the Prix de l’Arc de Triomphe are also among the sport’s most lucrative events.
The Saudi General Sports Authority (GSA) is aiming to attract competitors from the UK, UK and Japan, with the event designed to share the country’s ‘historic and cultural legacy’.
It is the latest development in Crown Prince Mohammad bin Salman’s ‘Vision 2030’ programme. He has placed a major emphasis on sport and sport tourism as a means to diversify the economy.
Saudi Arabia recently won hosting rights for the World Boxing Super Series’ cruiserweight final, the Race of Champions motorsport event and the Drone Racing League World Championship.