Disney to build latest theme park in the United Arab Emirates
Disney (DIS) will build its seventh theme park, this one in the United Arab Emirates, the entertainment company said on Wednesday.
The waterfront resort will be built on Yas Island on the outskirts of Abu Dhabi city, already home to Formula One's Abu Dhabi Grand Prix, the Ferrari and Warner Bros amusement parks, SeaWorld and a waterpark.
Disney and Miral, the Abu Dhabi developer overseeing the project, hope to capitalise on the 120 million airline passengers who travel through Abu Dhabi and Dubai each year.
People visit the Magic Kingdom Park at Walt Disney World Resort in Lake Buena Vista, Florida (Ted Shaffrey/AP)
While long viewed as less busy than the beaches and raucous nightlife in neighbouring Dubai, Abu Dhabi is also 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. Mr Trump has promised a series of business deals with Saudi Arabia, Qatar and the UAE.
The theme park will be built and operated by Miral, but Disney will handle the design and development. Disney will also license its intellectual property and provide 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.
Miral has been involved in the development of almost all of the entertainment complexes built on the island.
A projected opening date has not been announced.
Shares of Disney, which also reported second-quarter financial results on Wednesday that beat Wall Street's expectations, jumped more than 9% in morning trading.
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