The first event in the three-year deal kicks off on Saturday.
The City of Cape Town will spend about R13 million for services to the tournament over the next three years, while the metro will make just over R9 million in revenue.
Eddie Andrews, Mayco member for events, says the aim is to market the city internationally.
“We are keen to showcase Cape Town, what we have to offer and enter certain markets. The markets are Europe, Asia and North America."
Economic Freedom Fighters councillor Ncedo Silas says the party is pleased the City is trying to attract events for the stadium.
“We are deeply concerned this event will be run at a deficit until 2018."
The African National Congress has also supported the move, adding it welcomes the fact that Saru and event organisers will shoulder the costs.
