DP World, a Dubai-based logistics company, will become the new title sponsor of the European Tour, heralding a "new era" for the leading continental golf series.

Just 23 of the 47 events will be held in Europe with the new-look DP World Tour schedule, due to start with the Joburg Open in South Africa from November 22 to 25, featuring stops at 27 different countries.

"Today's announcement is undoubtedly a momentous one in the proud history of our tour," said Keith Pelley, chief executive of the European Tour group.

"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."

Total prize money will break through the $200 million mark for the first time, with a new minimum prize fund of $2 million (£1.48 million/€1.7 million) for all tournaments solely sanctioned by the DP World Tour.

There will be new tournaments in the United Arab Emirates, South Africa and Belgium as well as an expanded Rolex Series comprising of the Abu Dhabi HSBC Championship, the Slync.io Dubai Desert Classic, the Genesis Scottish Open, the BMW PGA Championship and the season-ending DP World Tour Championship.

The schedule will also feature three events co-sanctioned with the Professional Golf Association (PGA) Tour for the first time.

They include the Scottish Open, as well as the Barbasol Championship and the Barracuda Championship taking place in the United States.

DP World’s association with the European Tour spans more than a decade, first becoming a presenting partner of the European Tour’s Race to Dubai finale in 2009 before the Rolex Series event was renamed the DP World Tour Championship in 2012.

"We have relished the opportunity to support the Tour in growing the game of golf and improving access to the sport at all levels," said Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World.

"The key to this success has been and will continue to be the shared vision and values that underpin the partnership.

"We both have a global mindset, are committed to inclusivity, and invest in new technologies to stay competitive - attributes which today become the fundamental principles of the DP World Tour.

"As the leading provider of smart logistics solutions worldwide, we will use our people, assets, and connectivity to help grow the tour further and change what’s possible in golf."