The competition will be held at the Global Theater, Riyadh, which staged the Riyadh Season Snooker Championship in December.
That event offers a $1m (£745,000) bonus if a player pots a golden ball after a maximum 147 break, for a 167 clearance.
Turki Alalshikh, chairman of the Saudi General Entertainment Authority, has said he wanted to get involved in darts and introduce a “crazy concept” to the sport.
The World Series of Darts will begin with the Bahrain Darts Masters from 15-19 January.
Saudi Arabia will follow before events in Denmark, the US, New Zealand, Australia and the Finals in the Netherlands.
Saudi Arabia has been accused of ‘sportswashing’ in recent years – using its unprecedented spending on sport to improve the oil-producing kingdom’s reputation over its human rights record and environmental impact.
It has staged many major sports events, including Formula 1 and golf, and will host the men’s football World Cup in 2034.
In February Saudi’s UK ambassador Prince Khalid bin Bandar Al Saud said alcohol would not be sold anywhere during the World Cup, including hotels.
The darts tournament will be part of Riyadh Season events in partnership with Matchroom Sport – run by Hearn’s son Eddie – which features boxing and snooker.
Other events not part of the Matchroom partnership include the ‘Six Kings’ tennis exhibition and WWE’s Royal Rumble.