The Saudi Cup Festival, inaugurated in 2020, is a recent addition to the global racing calendar and is organized by the Jockey Club of Saudi Arabia. Spanning two days, the festival focuses on the Saudi Cup, a horse race run over approximately nine furlongs on dirt at the King Abdulaziz Racecourse in Riyadh. Established to promote horse racing among the Saudi population and the Kingdom of Saudi Arabia internationally, it is currently the most lucrative horse race globally with a total purse of $20 million.

The Saudi Cup is the pinnacle of an eight-race card, featuring a blend of top-tier races on both dirt and turf, with a total of $30.5 million in prize money. The race card attracted 22 Group 1 or Grade 1 winners in 2020 and 31 Grade 1 winners in 2021, proving its prowess in the horse racing circuit.

Before the main event, the festival includes the 'International Jockeys Challenge' on the preceding Friday. This challenge consists of four races, each carrying a purse of $400,000, on a dirt course. In addition, there's the Saudi International Handicap, a race worth $500,000 that is open to horses trained in developing racing countries.

Irish jockey Shane Foley, winner of the International Jockeys' Challenge in 2021, expressed his enjoyment in participating. The presence of such esteemed jockeys raises the profile of this young festival.

Verdict: the Saudi Cup Festival is a significant racing event, providing an array of high-stakes races, thus attracting top-class competitors. Its primary aim is to elevate the prominence of horse racing within the Saudi populace and boost the international standing of the Kingdom of Saudi Arabia. With the Saudi Cup Race as its cornerstone, offering unrivaled prize money, the festival promises to deliver captivating racing moments in years to come.