Disney to expand into Middle East with new theme park in Abu Dhabi
Disney (DIS) just revealed plans for a new theme park in the Middle East.
The media and entertainment giant said Wednesday that the new theme park and resort would be located in Abu Dhabi, United Arab Emirates (UAE), marking its first major expansion into the Middle East and its seventh global resort. This announcement comes 15 years after Disney's last park project, Disneyland Shanghai, was unveiled in 2010.
The project supports Disney's broader strategy to invest $60 billion into its theme parks and cruise lines by 2033, including approximately $30 billion already earmarked for expansions in Florida and California.
The Abu Dhabi resort will be developed in partnership with Miral, the state-backed tourism and real estate firm behind many of the UAE'S landmark attractions.
"We are celebrating another great moment in our storied history," Disney CEO Bob Iger said during the company's Q2 earnings call Wednesday morning, describing the project as "authentically Disney and distinctly Emirati."
The announcement comes after the company reported strong second-quarter earnings results, driven by a rebound in its domestic parks business and solid performance in its streaming unit. The company also boosted its full-year earnings outlook, sending shares about 10% higher in early trade.
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Iger said Disney conducted a thorough evaluation of the Middle East and identified a large, underserved population of "income-qualified" consumers who live far from its existing parks. He noted Abu Dhabi stood out not only for its strategic location — within a four-hour flight for 500 million people across the Middle East, Africa, India, Asia, and Europe — but also for its strong tourism growth and significant cultural investments.
"It was very, very clear to us that of all of the places that we could choose from, there didn't seem to be any place that was better than this," Iger said.
While specific attraction details have yet to be revealed, Miral will fully fund, operate, and build the resort, with Disney leading creative design and providing operational oversight.
In an interview with CNBC, Iger declined to provide a specific opening date but suggested the resort may take more than five years to complete.
The project is structured as a licensing agreement, with Disney granting rights to its intellectual property in exchange for royalties. Iger said that while Disney will have "considerable involvement" it will not contribute capital or retain ownership.
Disney aims to invest $60 billion into its theme parks and cruise lines by 2033 (AP Photo/Ted Shaffrey, File)
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Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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