Disney announces its first theme park in the United Arab Emirates
The waterfront resort will be built on Yas Island on the outskirts of Abu Dhabi, already home to Formula One's Abu Dhabi Grand Prix, the Ferrari and Warner Bros. amusement parks, SeaWorld and a waterpark.
The Formula One Abu Dhabi Grand Prix at the Yas Marina Circuit, UAE.
- AP Photo/Darko Bandic, File
Abu Dhabi is the capital of the United Arab Emirates, a federation of seven sheikhdoms on the Arabian Peninsula. Home to 9 million people, it has leveraged its long-haul carriers Emirates and Etihad Airways to bring in more tourists over the years. A real-estate boom and the city's highest-ever tourism numbers have made Dubai a destination as well as a layover.
Disney and Miral, the Abu Dhabi developer overseeing the project, hope to capitalise on the 120 million airline passengers that travel through Abu Dhabi and Dubai each year.
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While long viewed as more buttoned up than the beaches and raucous nightlife in neighbouring Dubai, Abu Dhabi also is home to the Louvre Abu Dhabi and there are more museums currently under construction.
The theme park announcement is being made ahead of a visit by US President Donald Trump to the region next week. Trump has promised a series of business deals with Saudi Arabia, Qatar and the UAE.
The Cinderella Castle at the Magic Kingdom at Walt Disney World, Florida.
- AP Photo/John Raoux, File
The theme park will be built and operated by Miral, the company involved in the development of almost all of the entertainment complexes built on the island.
Meanwhile, Disney will handle the design and development, also licensing its intellectual property and providing development and management services, according to a regulatory filing.
The California company will not be providing any capital for the project. It will earn royalties based on the resort's revenues. It will also earn service fees.
Last year, Disney announced that it was planning to invest $60 billion (€55.3 billion) in its theme parks over the next 10 years, which remain one of their biggest revenue grossers.
A projected opening date for the UAE park has not been announced.
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