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Disney announces new theme park in Abu Dhabi / Photo: JOE RAEDLE - GETTY IMAGES NORTH AMERICA/AFP/File
NYSE - LSE
Disney announces new theme park in Abu Dhabi
The Walt Disney Company announced plans Wednesday for a new theme park in the United Arab Emirates, highlighting the country's growing prominence as a global financial and entertainment hub.
The waterfront resort will be located on Abu Dhabi's Yas Island and developed in partnership with local firm Miral.
Disney stated that it aims to attract tourists from "the Middle East and Africa, India, Asia, Europe, and beyond."
The announcement comes ahead of US President Donald Trump's upcoming visit to Saudi Arabia, Qatar and the United Arab Emirates next week.
"Disneyland Abu Dhabi will be authentically Disney and distinctly Emirati," said Disney CEO Robert Iger in a statement, promising "an oasis of extraordinary Disney entertainment at this crossroads of the world."
The company stated that the new resort will blend Disney's "iconic stories, characters and attractions with Abu Dhabi's vibrant culture, stunning shorelines, and breathtaking architecture."
Disneyland Abu Dhabi will be the seventh Disney resort since the original Disneyland opened in Anaheim, California in 1955.
Other Disney destinations are located in Florida, Tokyo, Paris, Hong Kong and Shanghai.
Iger told analysts that the location was chosen to bring the Disney experience closer to hundreds of millions of customers for whom visiting its other six locations "was pretty lengthy in nature and expensive."
He also noted the success of existing attractions in Abu Dhabi, including the Louvre museum and the Frank Gehry-designed Guggenheim, which is currently under construction.
Miral group operates numerous hotels, resorts, and amusement parks in Abu Dhabi including Warner Brothers World, Ferrari World and Sea World.
In an interview with The Hollywood Reporter, Disney Experiences chairman Josh D'Amaro described the new park and resort as the company's most "modern" and "tech-forward" destination.
He added that in an unusual arrangement for Disney, the park would be funded, built, and ultimately operated by the Miral group "with oversight of course from us."
"But we're very confident in this part of the world, with this partner, that this is the appropriate business arrangement," he added.
The new park announcement coincided with Disney reporting a robust increase in quarterly revenues, which sent its shares skyrocketing.
The company said overall sales increased seven percent to $23.6 billion in the January to March period.
Crucially, subscribers to its Disney+ streaming service grew to 126 million, adding 1.4 million new subscriptions, contrary to analysts' expectations of a decline.
The Experiences segment, which includes theme parks, saw revenue increase to $8.9 billion.
P.Beaulieu--SMC
