A Japanese horse claimed first prize in "the world's richest horse race" for the first time since 1996 when Victoire Pisa galloped to victory at the Meydan race course in Dubai on Saturday.

Ridden by jockey Italian jockey Mirco Demuro and trained by Katsuhiko Sumii, the four-year-old claimed the emotional victory after edging ahead of second placed Transcend, also of Japan.

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A tearful Demuro dedicated his victory to the people of Japan before breaking down in tears after the close-run event.

"It's unbelievable. I love you Japan, thank you so much," said the winning jockey as he was enthusiastically congratulated by Japanese colleagues.

The victory earned Victoire's owners the Dubai World Cup trophy for the first time as well as a $10m cheque.

Local favourite Monterosso of the Godolphin stable claimed third place while Henry Cecil's hotly-tipped Twice Over ended in a disappointing ninth place.

With a total prize money of $24million for the day of racing the Dubai World Cup fixture is one of the most closely followed race meets in the world.

Dubai 2011 Dubai World Cup winners

Dubai Kahayla Classic Sponsored By Emaar
Seraphin Du Paon

Al Quoz Sprint
J J The Jet Plane

Godolphin Mile
Skysurfers

The UAE Derby
Khawlah

Dubai Golden Shaheen Stakes
Kinsale King

Dubai Duty Free Stakes
Presvis

Dubai Sheema Classic
Rewilding

Dubai World Cup
Victoire Pisa