Jeddah's King-Abdullah stadium will host the four-team tournament in early January as opposed to its traditional pre-season date in August.
The competition sees La Liga winners Barcelona face Atletico Madrid and Copa del Rey champions Valencia play Real Madrid before a final on January 12.
RFEF president Luis Rubiales said women would be allowed into the ground for the fixtures and the governing body would subsequently help the Saudi Arabian football federation to organise a local league for women.
De facto leader Crown Prince Mohammed bin Salman has recently introduced reforms including allowing concerts, reopening cinemas, and lifting a prohibition on women driving.
In December unified heavyweight world champion Andy Ruiz of Mexico will take on Britain's Anthony Joshua in their rematch in Diriyah as the country attempts to improve its international image.