Disney's new Abu Dhabi theme park to cost over $10B to build — but company won't pay a dollar
Disney is set to open its first new theme park in over a decade, a lavish $10 billion resort in Abu Dhabi — without investing a single dollar toward its construction.
The entertainment giant announced the landmark project on Tuesday, framing it as a historic moment on par with Disneyland's original debut in 1955.
Disney CEO Bob Iger delivered the news during a quarterly earnings call, which he notably attended from the United Arab Emirates rather than Disney's Burbank headquarters.
4 Disney is set to open its first new theme park in over a decade, a lavish $10 billion resort in Abu Dhabi.
via REUTERS
'I am joining you from the United Arab Emirates, where we just announced an agreement to bring a Disney theme park to Abu Dhabi,' said Iger, describing the future park as 'authentically Disney and distinctly Emirati.'
The park will be located on Yas Island, an entertainment destination already hosting attractions such as Warner Bros. World, Ferrari World and SeaWorld Abu Dhabi.
All these facilities are managed by Miral, the UAE's state-backed entertainment and leisure developer.
Under the terms of the agreement, Miral will shoulder the entire financial burden of the development, expected to exceed $10 billion, marking it potentially the most expensive Disney-branded resort ever built, according to the Status newsletter.
Disney declined to comment officially on the projected cost.
Disney's contribution to the Abu Dhabi project lies primarily in its valuable intellectual property and creative oversight.
4 Sheikh Khaled bin Mohamed bin Zayed Al Nahyan (seen in black robe), the crown prince of Abu Dhabi, attended the announcement of the Disney Theme Park Resort on Yas Island.
@admediaoffice/Instagram
4 Disney CEO Robert Iger declined to commit to an opening date for the new Abu Dhabi-based theme park.
Getty Images
Its 'Imagineers' — the creatives behind Disney's immersive parks — will guide the resort's design and branding, ensuring consistency with Disney's global image.
Meanwhile, Miral will handle funding, development and operational duties once the park opens.
The financial arrangement presents significant advantages for Disney.
Without risking its capital, the company stands to collect licensing fees from the park's eventual revenues.
4 The new theme park is strategically located in an area that is within a four-hour flight for one-third of humanity.
Donna Grace/NY Post Design
This approach aligns with the company's current strategy, emphasizing fiscal prudence amidst ongoing media sector challenges, including fluctuating box office returns and streaming uncertainties.
Disney's parks and experiences division continues to demonstrate strong financial resilience, recently posting operating income of $2.5 billion, outstripping the company's media and sports segments combined.
News of the Abu Dhabi venture contributed positively to Disney's financial outlook, sending its stock price up nearly 11% following the announcement.
The Post has sought comment from Disney.
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