This is the 5314th most frequent Russian word.
организуют
"Организуют" means "they organize."
The word "организуют" is used here to indicate that the students are actively planning and arranging the event.
Студенты организуют мероприятие для сбора средств на благотворительность.
The students organize an event to raise funds for charity.
In this sentence, "организуют" describes the arrangement and planning of festivals by the cities.
Города организуют фестивали в честь национального праздника.
Cities organize festivals to celebrate the national holiday.
The usage of "организуют" in this context refers to the schools' efforts to set up and plan sports competitions.