Disney planning theme park resort in Abu Dhabi
Walt Disney Co. is planning a theme park resort for Abu Dhabi in the United Arab Emirates, the company confirmed Wednesday. The attraction will be on the waterfront of Yas Island, already a leisure travel destination.
The new resort will be built, financed and operated by Miral, an Abu Dhabi-based developer. Walt Disney Co. and Walt Disney Imagineering will lead creative design and operational oversight. It will use Disney-licensed properties.
'Disneyland Abu Dhabi will be authentically Disney and distinctly Emirati. It will serve as an oasis of extraordinary Disney entertainment for millions and millions of people in this crossroads of the world, connecting travelers from the Middle East and Africa, India, Asia, Europe and beyond,' Disney CEO Robert Iger said from the UAE during a call with market analysts Wednesday.
Josh D'Amaro, chairman of Disney Experiences, touted the opportunity.
'The location of our park is incredibly unique – anchored by a beautiful waterfront – which will allow us to tell our stories in completely new ways,' D'Amaro said in a news release. 'This project will reach guests in a whole new part of the world, welcoming more families to experience Disney than ever before.'
'What we are creating with Disney in Abu Dhabi is a whole new world of imagination — an experience that will inspire generations across the region and the world, creating magical moments and memories that families will treasure forever,' said Khalifa Al Mubarak, Miral's chairman.
Iger said Imagineers are already working on a design for the Abu Dhabi resort.
'Disney will oversee design license, our IP and provide operational expertise, while Miral will provide the capital construction resources and operational oversight,' Iger said.
SeaWorld Abu Dhabi (licensed by Orlando-based United Parks & Resorts), Warner Bros. World, Ferrari World and Yas Waterworld parks currently operate on Yas Island.
The announcement does not affect the $30 billion commitment planned for Disney parks in Florida and California, Iger said.
Iger, in an interview with CNBC, said it takes about two years to develop a park and five years to build 'but we're not making any commitments right now.'
The announcement came on the heels of Walt Disney Co.'s quarterly earnings report, including increases in revenue and operating income for its parks and destinations division. Revenue for domestic parks was up 9% with a 13% increase in operating income. International parks revenue was down 5%, which was attributed to lower attendance and increased costs at Shanghai Disneyland and Hong Kong Disneyland.
Iger was cautious about theme park visitation moving forward.
'Despite questions around any macroeconomic uncertainty or the impact of competition, I'm encouraged by the strength and resilience of our business, as evidenced in these earnings and in the second-half bookings at Walt Disney World,' he said.
Overall revenue for Walt Disney Co. increased 7% to $23.6 billion in the company's second fiscal quarter.
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