One of the main pillars of Saudi Vision 2030 is to create a vibrant society, among other things, to promote physical and social well-being and a healthy lifestyle.

Since the launch of the reform plan in April 2016, the Kingdom has acknowledged that diversified sports activities are an essential tool for a healthy lifestyle.

To materialize the goal of the vision, the Ministry of Sport was created to reinforce sports’ values and principles among individuals, athletes, and youth to not only increase the sport performance level and its diversification in the country, but also to transfer sport to an industry that would contribute to Saudi Arabia’s non-oil gross domestic product.

To encourage sports in the Kingdom, the nation aims to attract investments in different types of sports while using sport as a soft power by holding international sporting mega-events. As such, this would reflect positively on the Kingdom’s culture, tourism, branding, diplomacy, business, and trade.

The Saudi Cup 2023, in its fourth edition, will be held at King Abdulaziz Racecourse in Riyadh from Feb. 24 to 25.

As well as the exciting two-day event, the Saudi Cup will include top-tier on-track horse racing action consisting of 16 races and boasting a combined prize purse of $35.35 million.

This makes the Saudi Cup the most valuable horse racing event in the world, and the greatest racehorses, jockeys, trainers, and owners will travel to Riyadh to compete against the very best of Saudi Arabia’s racing industry for a slice of the winnings.

The event will bring value to the country’s economy since it will generate business in the private sector, especially in the hospitality, transportation, accommodation, travel, and other related sectors. This, in turn, will reflect positively on the Saudi economy, especially the tourism sector.

The Jockey Club of Saudi Arabia was established in 1965 and is now tasked with organizing, developing, and promoting Saudi Arabian horse racing at domestic and international levels.

The JCSA, chaired by Prince Bandar bin Khalid Al-Faisal, takes on the work historically performed by the Equestrian Club of Riyadh and is charged with building a world-class horse racing industry that has had a positive impact on the country’s sporting, cultural, and economic sectors, while promoting Saudi Arabia internationally.

The JCSA is pursuing a considered and long-term strategy to rise from its status as a Part II country, a promotion that was achieved in October 2021, to a Part I country in the International Federation of Horseracing Authorities’ ranking lists.

Without any doubt, the forthcoming Saudi Cup 2023, is the world’s most valuable race not only because of its prizes, but also because it is a social and sporting event that will highlight the Kingdom’s burgeoning events calendar and combines the best of fashion, culture, lifestyle, and family entertainment with the thrilling world of international horse racing.

• Talat Zaki Hafiz is an economist and financial analyst. Twitter: @TalatHafiz