Disney Announces New Theme Park in the Middle East

Disney has announced plans for a new theme park in the Middle East, specifically in Abu Dhabi, United Arab Emirates. This move is significant as it marks Disney’s first major venture into this region and will be the seventh resort in its global portfolio. It’s been 15 years since the announcement of Disneyland Shanghai in 2010, which makes this a noteworthy development.

This project aligns with Disney’s larger goal of investing $60 billion in theme parks and cruise lines by the year 2033.

The Abu Dhabi Resort will be a joint effort with Miral, a state-supported real estate and tourism company known for developing major attractions in the UAE.

During the second quarter revenue call, Disney CEO Bob Iger characterized the upcoming park as “a real Disney and clearly a chief.” This announcement follows strong financial results for Disney in the second quarter, buoyed by a rebound in the domestic parks and solid streaming performance. Following this news, the company has raised its revenue outlook for the year, with its stock gaining around 10% in early trading.