It will be the fifth event on the new Betfair European Tour, part of the Players Tour Championship series. The event will run from December 14 to 16 and will be televised by Eurosport.
The last event to be held in the country was the 2010 World Open.
"Scotland deserves to have its own tournament so it’s brilliant news that we will have an event here," said Scottish four-times world champion John Higgins.
"Hopefully it will be a stepping stone to something bigger. I hope the crowds will come out and enjoy it."
Higgins has missed the first two ranking events of the season after a poor 2011-12 season and has dropped to seventh in the world rankings.
He will be back in action at the PTC event in Gloucester this week.
"I feel that I need to prove myself again after such a bad season," he said.
"I've been practising hard for the last 10 days and looking forward to getting started again."
The winner of the Ravenscraig event will pocket £10,000 from a total prize fund of £50,000, and there are also world ranking points and PTC Order of Merit points available.