Saudi Arabia has announced that they are going to introduce a new horse racing championship that will boast prizes that will total to over £12.2m, according to a report on Reuters.

The tournament, which is to be called The King Abdulaziz Horse Championship, will rival some of the world’s largest sporting events.

They are hoping to attract competitors from the United Kingdom, United States and Japan as they look to host a world-famous event.

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The event will be held in the city of Riyadh, which is looking to develop its sports industry. Horse racing is a market which is yet to be fully explored in Arabia and this new tournament could open pathways to much more sporting success.

The city is also hoping that the introduction of this tournament will help to create a more diverse and modern society for the people to live in.

The date for when the first championship will be held has not yet been revealed and it is thought that they are still deciding on a convenient date for all.

The Arab world isn’t totally new to horse racing, as last year’s Dubai World Cup offered a $10m prize for its top race. The overall prize money was predicted to be around $30m.