A new "World Cup" of motorsport, where drivers represent nations rather than teams, is scheduled for 2005.
The A1 Grand Prix championship - the brainchild of the Crown Prince of Dubai - is scheduled for September.
The tournament will see up to 30 identical cars, with 3.5-litre Langford engines, racing in the European winter months when Formula One is off-season.
Dubai, Bahrain, Qatar, China, South Africa, Malaysia and Australia would host the first races, organisers added.
Each team will consist of a driver and sponsors from one country racing under a national flag.
In a statement released on Tuesday organisers said the event had been sanctioned by the governing FIA.
The series will be run on a franchise basis, with A1 organisers responsible for providing cars and engines and handling logistics.
Organisers say they have recruited Richard Dorfman - who helped negotiate the television rights for the 2002 and 2006 football World Cups - as commercial director.