The Blue Lagoon in Abereiddy was chosen as the location for the first ever UK Red Bull Cliff Diving event because of its cliff's height and depth and for its stunning backdrop for TV footage and photography.
The Welsh Government has provided financial support of up to £100,000 towards the staging of the event which will be televised world-wide.
First Minister, Carwyn Jones said:
“No doubt Pembrokeshire will roll out a warm Welsh welcomes for the people who will be coming from across the world to see this unique and exciting competition.
“The beautiful Blue Lagoon has been chosen as the backdrop for the first time this event has been held in the UK and it is a great opportunity to showcase our stunning coastline to a global audience.”
Only the world’s best divers are invited to compete, with top 12 cliff diving athletes participating. The Welsh leg will be the penultimate round in the World Series which also visits France, Norway, Portugal, the Republic of Ireland, the USA and Oman.