Disney is set to open a theme park and resort in Abu Dhabi — its seventh location and first in the Middle East, the entertainment giant announced on Wednesday.
The park will be situated on Yas Island, already a notable leisure destination in the United Arab Emirates that includes prominent attractions such as Ferrari World, Warner Bros. World and SeaWorld Abu Dhabi.
The area also boasts the Yas Marina Circuit, famous for hosting Formula 1 events.
Miral will shoulder the entire cost of the development and construction, while Disney will oversee the creative design, using its renowned imagineering team. The House of Mouse will also manage the park’s operations.
Although Disney will not invest capital directly, the company is poised to benefit financially through royalties from the project.
Disney CEO Bob Iger expressed enthusiasm for the venture, emphasizing the cultural synergy and innovative potential of the new development.
“This is a thrilling moment for our company as we announce plans to build an exciting Disney theme park resort in Abu Dhabi, whose culture is rich with an appreciation of the arts and creativity,” Iger said in a statement.
“As our seventh theme park destination, it will rise from this land in spectacular fashion, blending contemporary architecture with cutting edge technology to offer guests deeply immersive entertainment experiences in unique and modern ways.”
Iger told CNBC on Wednesday that the creative planning for the resort was already underway, though he declined to commit to a firm opening date.
“We’re not pinning down a date yet,” he said. “It typically takes us between 18 months and two years to design and fully develop and approximately five years to build, but we’re not making any commitments right now.”
This announcement aligns with Disney’s strategic focus on its experiences division, which encompasses theme parks, resorts, cruises and consumer products.
In its fiscal second quarter earnings report, Disney said its experiences division generated 6% more revenue compared to the same period during the previous year. Shares of Disney soared by more than 9% after the start of the trading session on Wall Street on Wednesday.
“Experiences is obviously a critical business for Disney and also an important growth platform,” Iger noted during Disney’s recent earnings call.
“Despite questions around any macroeconomic uncertainty or the impact of competition, I’m encouraged by the strength and resilience of our business as evidenced in these earnings and in the second-half bookings at Walt Disney World.”
