In its short history, the Dubai World Cup has quickly established itself as one of the world's most important races. With its huge purse of $6 million, the largest offered in all of racing, top horses from around the world have shipped in to the ancestral home of the Thoroughbred in hopes of capturing the winner's share and the unofficial title of Horse of the World. For the inaugural running in 1996, America's champion Cigar bested California invader Soul of the Matter to continue his winning streak which had begun in November of 1994. Jerry Bailey returned in 1997 to win again, this time aboard Sheikh Mohammed's Singspiel, the 1996 Japan Cup winner and the runner up in the Breeders' Cup Turf. In 1998, Kentucky Derby winner Silver Charm, owned by Bob and Beverly Lewis, nosed out Swain for the payoff. In 1999 Silver Charm returned to defend his title and for the first time in history a Kentucky Derby winner faced an Epsom Derby winner, High-Rise. However, the big longshot Almutawakel shocked everyone and gave the home team its second win. Finally, in 2000, Godolphin sent out Dubai Millennium, so named because they fully expected him to win that year's running. He did not disappoint, beating top U.S. handicap horse Behrens by a widening eight lengths.

The eleventh ruler from the Al Maktoum family, the late His Highness Sheikh Rashid bin Saeed Al Maktoum, ruler of Dubai from 1958 – 1990, guided the Emirate with compassion and understanding. He realized what was necessary to transform Dubai into the cosmopolitan, prosperous city it is today. Sheikh Rashid along with Sheikh Zayed bin Sultan Al Nahyan, is credited with playing a key role in establishing the federation of the .