The European Tour will become the DP World Tour from the start of the 2022 season in what has been described as a "ground-breaking evolution."
Prize money will increase to over $200million for the first time, with a new minimum prize fund of $2m for all tournaments solely sanctioned by the DP World Tour.
There will be 47 tournaments in 27 different countries, including new events in the United Arab Emirates, Japan, South Africa and Belgium, along with an expanded Rolex Series comprising of five events.
The Abu Dhabi Championship, the Dubai Desert Classic, the Scottish Open, the BMW PGA Championship and the season-ending DP World Tour Championship will be the Rolex Series events.
The Barbasol Championship and the Barracuda Championship in the United States and the Scottish Open will be co-sanctioned with the PGA Tour.
The Joburg Open will be the opening event of the DP World Tour from November 22-25.
Keith Pelley, chief executive of the European Tour group, said: "Today’s announcement is undoubtedly a momentous one in the proud history of our Tour. The launch of the DP World Tour in 2022, coinciding with both of our 50th anniversaries, will herald a new era in global golf, and crucially it will benefit everybody involved – all our players, caddies, fans and partners – as well as making an important contribution to wider society.
"The entire ecosystem of our Tour will be strengthened because of this hugely significant deal, and that was essential to us and to DP World, who have been an incredible supporter of our Tour as well as golf more widely, from grassroots through to the elite professional game.
"The DP World Tour is, therefore, a natural evolution of our decade-long partnership, and the presence of ‘World’ in our new title better reflects our global reach."
Jay Monahan, commissioner of the PGA TOUR and board member of the European Tour, added: "Thanks to the support of long-standing partner DP World, today's announcement significantly elevates the European Tour on a global basis.
"We are excited for the continued growth and evolution of the European Tour, as well as the momentum this provides toward our Strategic Alliance. I've said before that our respective Tours are positioned to grow – together – over the next 10 years faster than we ever have at any point in our existence, and today's announcement is another point of proof in those efforts."