[5] The International Federation of Horseracing Authorities' Grading and Race Planning Advisory Committee assigned Group 1 status to the Saudi Cup before its third running, scheduled for February 2022.

The Jockey Club of Saudi Arabia announced two months later that it would withhold Maximum Security's purse money pending an investigation, following the indictment of trainer Jason Servis in the United States.

The Jockey Club claimed that Servis, who was convicted in December 2022 by pleading guilty to two charges related to drug misbranding and adulteration, committed "substantial breaches of the rules."

The participating field included Maximum Security, Benbatl, Midnight Bisou, Mucho Gusto, and Tacitus under the supervision of world-renowned trainers like American Bob Baffert, Briton John Gosden, American Steven Asmussen, and his compatriot Brad Cox, as well as local trainers Abdullah bin Mishriff and Shaleh Alodhiaani.

This edition saw a new Guinness World Record being set, with the most expensive single-horse race being held with prize money exceeding 75 million Saudi riyals.

The following horses occupied positions two to six in the $20 million race: Country Grammar, Cafe Pharoah, Geoglyph, Crown Pride, and Emblem Road.