Disney plans to add a new theme park to its portfolio, with the entertainment giant revealing Wednesday that it intends to open one in the United Arab Emirates in the coming years.
Disney’s new theme park will be constructed on Yas Island in Abu Dhabi, the capital city of the United Arab Emirates (UAE), according to the company.
The theme park in Abu Dhabi “will offer signature Disney entertainment, accommodations, unique dining and retail experiences, and storytelling in a way that celebrates both the heritage of Disney and the futuristic and cultural essence of Abu Dhabi,” Disney said.
UAE-based entertainment and leisure developer Miral will take on the development and operation of Disney’s Abu Dhabi theme park. Disney and its “Imagineers” will provide “creative design and operational oversight” for the project.
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In a statement, Disney Experiences Chairman Josh D’Amaro said it “represents a new frontier in theme park development.”
“Our resort in Abu Dhabi will be the most advanced and interactive destination in our portfolio,” he said. “The location of our park is incredibly unique – anchored by a beautiful waterfront – which will allow us to tell our stories in completely new ways. This project will reach guests in a whole new part of the world, welcoming more families to experience Disney than ever before.”
The company highlighted the UAE’s location as being in proximity to one-third of the world’s population.
“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,” Disney CEO Bob Iger said, adding that Disneyland Abu Dhabi will be “authentically Disney and distinctly Emirati.”
The Abu Dhabi park will bring Disney’s worldwide theme park count to seven.
Disney said in a Securities and Exchange Commission filing that it will “license its IP for the operation of the theme park and resort and provide certain development and management services.” The company will receive royalties “based on the project’s revenues” and collect “service fees” from it but “not provide capital” for it, according to the filing.
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Its six current parks are located in Florida, California, Paris, Hong Kong, Shanghai and Tokyo. Of the six Disney theme parks currently operating, Shanghai Disney Resort is the most recent to have opened, welcoming guests for the first time in 2016.
The company currently also has “new lands and attractions” in the works at Disney World and Disneyland, according to its quarterly earnings release.
Disney’s theme parks are part of its Experiences business segment, along with its cruises and consumer products.
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The company said on Wednesday its Experiences segment generated $8.89 billion in revenue during the second quarter. Of that, its domestic parks and experiences accounted for $6.5 billion, while its international parks and experiences were responsible for $1.44 billion.
In the second quarter, Disney saw $23.62 billion in overall revenue, up from $22.08 billion in the same three-month period last year. Its net income, meanwhile, came in at $3.28 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 102.10 | +10.01 | +10.88% |
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