Disney (DIS) simply revealed plans for a brand new theme park within the Center East.
The media and leisure large mentioned Wednesday that the brand new theme park and resort could be positioned in Abu Dhabi, United Arab Emirates (UAE), marking its first main growth into the Center East and its seventh international resort. This announcement comes 15 years after Disney’s final park undertaking, Disneyland Shanghai, was unveiled in 2010.
The undertaking helps Disney’s broader technique to take a position $60 billion into its theme parks and cruise traces by 2033, together with roughly $30 billion already earmarked for expansions in Florida and California.
The Abu Dhabi resort will probably be developed in partnership with Miral, the state-backed tourism and actual property agency behind most of the UAE’S landmark points of interest.
“We’re celebrating one other nice second in our storied historical past,” Disney CEO Bob Iger mentioned through the firm’s Q2 earnings name Wednesday morning, describing the undertaking as “authentically Disney and distinctly Emirati.”
The announcement comes after the corporate reported strong second-quarter earnings results, pushed by a rebound in its home parks enterprise and stable efficiency in its streaming unit. The corporate additionally boosted its full-year earnings outlook, sending shares about 10% greater in early commerce.
Iger mentioned Disney carried out an intensive analysis of the Center East and recognized a big, underserved inhabitants of “income-qualified” customers who reside removed from its present parks. He famous Abu Dhabi stood out not just for its strategic location — inside a four-hour flight for 500 million individuals throughout the Center East, Africa, India, Asia, and Europe — but in addition for its sturdy tourism progress and important cultural investments.
“It was very, very clear to us that of the entire locations that we may select from, there did not appear to be anyplace that was higher than this,” Iger mentioned.
Whereas particular attraction particulars have but to be revealed, Miral will absolutely fund, function, and construct the resort, with Disney main artistic design and offering operational oversight.
In an interview with CNBC, Iger declined to offer a selected opening date however advised the resort could take greater than 5 years to finish.
The undertaking is structured as a licensing settlement, with Disney granting rights to its mental property in alternate for royalties. Iger mentioned that whereas Disney may have “appreciable involvement” it is not going to contribute capital or retain possession.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Comply with her on X @allie_canal, LinkedIn, and e mail her at alexandra.canal@yahoofinance.com.
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