Saudi Arabia will host the event, which will be a PSA World Series tournament, at the Princess Nora bint Abdul Rahman University in capital city Riyadh.

Twelve editions of the men's Masters were held between 2000 and 2011, with the event featuring the top 32 players in the world.

England's Jenny Duncalf won the only edition of the Women's Masters ever-held, beating Australia's Kasey Brown in the final in New Delhi in 2010.

This year's competition will be held between October 29 and November 2 and joins event such as the British Open and Hong Kong Open at World Series level.

A prize purse of $165,000 (£130,000/€148,000) will be on offer with officials in Saudi Arabia keen to increase sporting participation in the country.

"We are very pleased to be taking a Women's PSA World Series event to Saudi later this year," said PSA chairman and Saudi businessman Ziad Al-Turki.

Al-Turki added: "Bringing professional squash back to Saudi Arabia has been an ambition of mine and I am grateful for the support of the Women's Department of the Saudi General Authority for Sport to see this come to fruition.

"Not only is squash one of the healthiest sports it is the perfect sport for the Saudi climate. 

"I'm hoping that this tournament will increase local participation in Saudi Arabia, and I look forward to working with all parties involved throughout the next six months insuring continued success for years to come."

Princess Reema bint Bandar bin Sultan, Undersecretary President of the Women's Department of the General Authority for Sport in Saudi Arabia, added: "We look forward to growing the female participation of the sport of squash. 

"It is a dynamic game that involves fast thinking and fast reaction times, skills that are well reflected in the women of Saudi Arabia."

The last professional squash tournament held in Saudi Arabia was the men's World Championship in 2010, won by England's Nick Matthew in Al-Khobar.