Disney is building its first-ever Middle East theme park
The Walt Disney Company says it will open a seventh theme park resort in Abu Dhabi.
Disney, which won't own the park but is licensing the operation to Miral, an immersive experiences company, announced the new destination on Wednesday.
"As our seventh theme park destination, it will rise from this land in spectacular fashion, blending contemporary architecture with cutting-edge technology to offer guests deeply immersive entertainment experiences in unique and modern ways," Disney CEO Bob Iger said in a statement online.
"Disneyland Abu Dhabi will be authentically Disney and distinctly Emirati — an oasis of extraordinary Disney entertainment at this crossroads of the world that will bring to life our timeless characters and stories in many new ways and will become a source of joy and inspiration for the people of this vast region to enjoy for generations to come."
A blog published on Disney's website said the destination would be located on Yas Island.
Disney also reported its second-quarter finances on Wednesday.
Ahead of the earnings call, analysts at Raymond James said that while Disney's travel and leisure experiences helped diversify the company "away from the tumultuous Media space into a secularly growing business," it also made Disney "more cyclical and macro sensitive."
"As such, both the fears around tariffs and a possible recession, along with a slowdown in travel that has already begun, have dragged DIS stock down ~27% in ~6 weeks," wrote Raymond James analysts Ric Prentiss and Brent Penter.
Here are the key numbers for the second quarter compared to analysts' estimates compiled by Bloomberg:
Earnings per share: $1.45 adjusted vs. $1.20 expected
Revenue: $23.6 billion vs. $23.05 billion expected
Entertainment: $10.68 billion vs. $10.48 billion expected
Sports: $4.5 billion vs. $4.32 billion expected
Experiences: $8.8 billion vs. $8.76 billion expected
The earnings report came after President Donald Trump on Sunday called for a 100% tariff on foreign-made films.
The announcement confused Hollywood. Industry insiders were concerned the tariffs could hurt the entertainment business, which is still recovering from labor strikes and spending cuts. In a Monday statement, the White House said the Trump administration is "exploring all options."
"Although no final decisions on foreign film tariffs have been made, the Administration is exploring all options to deliver on President Trump's directive to safeguard our country's national and economic security while Making Hollywood Great Again," the statement said.
Analysts from Raymond James also said that "Disney's streaming networks are relatively less exposed to international content," and that the company's "emphasis on animation (largely done domestically) further insulates Disney from potential film tariffs."
However, the analysts also wrote that the idea of a film tariff poses "more questions than answers," including whether films partially shot or produced domestically would also face tariffs, and if it could be applied to libraries and movies already produced.
During its first-quarter earnings call in February, Disney reported strong earnings, surpassing Wall Street expectations with adjusted earnings of $1.76 per share and $24.69 billion in revenue.
Despite a slight dip in Disney+ subscribers in the first quarter, the entertainment division received a boost from box office hits like "Moana 2" and "Inside Out 2." In the experiences segment, Disney also saw revenue growth last quarter and has a $60 billion investment plan underway for its parks and experiences over the next 10 years.
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