The $1.25m 15-match event, dubbed the 'mini World Cup' will be staged between 10-25 September.
The 10 Test-playing nations will take part, along will Kenya plus the winner of the ICC Six Nations Challenge, to be held in the United Arab Emirates in March 2004.
Teams will be divided into four groups of three, with the winners qualifying for the semi-finals. Teams will be seeded according to their ICC one-day international rankings on 1 December 2003.
The tournament winners will get $400,000, an increase of $100,000 from the last trophy in Sri Lanka in 2002.