Disney Announces New Theme Park in the Middle East

Disney has unveiled plans for a new theme park in the Middle East. This announcement, made on Wednesday, reveals that the park will be located in Abu Dhabi, United Arab Emirates, marking the company’s first significant foray into this region and its seventh resort worldwide. This development comes 15 years after the earlier announcement for Disneyland Shanghai in 2010.

The new project is part of Disney’s larger strategy to invest $60 billion in theme parks and cruise lines by the year 2033.

The Abu Dhabi resort will be a collaborative effort with Miral, a state-sponsored tourism and real estate firm that has been instrumental in creating several prominent attractions in the UAE.

During the company’s second quarter revenue call on Wednesday morning, Disney CEO Bob Iger referred to the project as “a real Disney and clearly a chief.”

This news follows a strong performance report for the second quarter, attributed to rebounds in Disney’s domestic parks and positive results in its streaming services. Additionally, the company has raised its revenue outlook for the year, seeing its stock rise by about 10% in early trading.