All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon Prophet Mohammad and upon all his family and companions.
A festival is a celebration attended by a large audience for a specific occasion. Its ruling depends on what is presented during the event. If the content aligns with and adheres to the principles and spirit of Islamic law, then it is permissible to attend and organize such festivals. Examples include festivals that promote culture and literature, feature meaningful arts, call for virtue and noble morals, uphold values, defend principles, address people's needs and concerns, and provide solutions. Such festivals must also avoid prohibited practices, such as exposing private parts or unlawful gender mixing.
However, if the festivals promote immorality and indecency, deviate from standards that preserve societal values and peace, and include prohibited acts such as exposing private parts or unlawful gender mixing, then it is forbidden to hold or attend them. Allah The Almighty Says (What means): "Indeed, those who like that immorality should be spread [or publicized] among those who have believed will have a painful punishment in this world and the Hereafter. And Allah knows, while you do not know" [An-Nur/19].
In conclusion, the ruling on holding festivals depends on the content presented and the manner of presentation. If the content is permissible, then organizing the festival is permissible; if the content is forbidden, then organizing it is prohibited. And Allah The Almighty Knows Best.