The race was first run in 1998, and it was initially titled the Dubai Turf Classic. The present name was introduced two years later. The event attained Group 1 status in 2002. Prior to 2010 it was run at Nad Al Sheba Racecourse.
The Dubai Sheema Classic currently offers a purse of US$6 million making it and the Dubai Turf race the two of the most valuable turf races in the world.
Records
Speed record: (at current distance of 2,410 metres and Meydan Racecourse)