Next year's Dubai World Cup race will be the richest yet after the prize fund was increased. Chris Whiteoak / The National

Dubai’s ruler on Wednesday increased the Dubai World Cup purse to $12 million, maintaining its status as one of the world’s richest horse races.

The Dubai World Cup, which once was the richest race with a purse of $10 million, was eclipsed in 2017 by the Pegasus World Cup Invitational in Florida which now offers $16 million in prize money.

Dubai Ruler Sheikh Mohammed bin Rashid al-Maktoum also issued a directive to increase total prize money of all races held during the cup to $35 million, the government media office said on Twitter.

Total prize money for the March 2018 races was $30 million, according to the Dubai World Cup website

The increases go into effect for the 2018-2019 season. The next Dubai World Cup is scheduled to take place in March 2019.