The Saudi Cup, which will be run over 1800 metres on dirt on February 29th, 2020, will have a maximum 14 runners, with the winner to receive US$10 million.
The prize money at the Saudi Cup will eclipse the US$16 million purse at the Pegasus World Cup Invitational in Florida last year.
"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," Prince Bandar bin Khalid Al Faisal said in a statement.
"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 place four weeks after the Pegasus World Cup at Gulfstream Park, Florida, and four weeks prior to the Dubai World Cup.
The Jockey Club of Saudi Arabia will arrange and fund the shipment of all invited horses. It will also 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.
Further details of these supporting races and the full race program will be announced at a later date.