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Disney has announced plans to expand its theme park portfolio by introducing a new park in the United Arab Emirates (UAE) in the near future.
The upcoming park will be located on Yas Island in Abu Dhabi, the capital of the UAE, as per the company’s statement.
According to Disney, the Abu Dhabi theme park will feature popular Disney attractions, accommodations, distinct dining and shopping experiences, as well as narratives that honor both Disney’s legacy and the cultural essence of Abu Dhabi.
This will be Disney’s seventh theme park. (Walt Disney Company)
The development and management of the theme park will be led by Miral, a UAE-based entertainment and leisure developer. Disney’s “Imagineers” will oversee the creative design and operational aspects of the project.
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Josh D’Amaro, Chairman of Disney Experiences, remarked that this project symbolizes a new era for theme park development.
“Our resort in Abu Dhabi is set to be the most advanced and interactive destination in our array of offerings,” he stated. “The park’s unique waterfront location will enable us to tell our stories like never before. This initiative will welcome more families to experience Disney in an entirely new part of the world.”
The company emphasized the strategic location of the UAE, which is situated near one-third of the global population.
Bobby Iger, CEO of Disney, expressed excitement over the project, stating, “This is an exhilarating moment for our organization as we unveil plans for a Disney theme park resort in Abu Dhabi, a place where the culture is deeply rooted in the appreciation of arts and creativity.” He further noted that Disneyland Abu Dhabi will embody the essence of Disney while reflecting the Emirati identity.
The park will be constructed on Yas Island in Abu Dhabi. (Walt Disney Company)
The Abu Dhabi location will increase the count of Disney’s global theme parks to seven.
In a filing with the Securities and Exchange Commission, Disney disclosed that it will “license its intellectual property for the management and operation of the theme park and resort, while offering certain development and management services.” The company will earn royalties linked to the project’s revenue and will receive service fees without initially providing capital for the development, as outlined in the filing.
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The six existing parks are situated in Florida, California, Paris, Hong Kong, Shanghai, and Tokyo. The latest addition to the Disney theme park family, Shanghai Disney Resort, began welcoming visitors in 2016.
Moreover, the company is currently working on new attractions and areas at both Disney World and Disneyland, as highlighted in its quarterly earnings report.
Disney Dreamer Rose “Rosie” Warfield attends the Disney Dreamers Academy at Walt Disney World Resort in Lake Buena Vista, Florida, on March 5, 2022. (Al Bello/Getty Images for Disney Dreamers Academy / Getty Images)
Disney’s theme parks are a key component of its Experiences business segment, which also includes cruises and consumer products.
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On Wednesday, Disney reported that its Experiences segment generated $8.89 billion in revenue for the second quarter. Within that, the domestic parks and experiences contributed $6.5 billion, while international parks and experiences accounted for $1.44 billion.
The overall revenue for Disney reached $23.62 billion in the second quarter, an increase from $22.08 billion during the same time frame last year. The company’s net income stood at $3.28 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 105.94 | +0.82 | +0.78% |