Disney to open its seventh theme park — and it’s – Business News
Disney is set to open a theme park and resort in Abu Dhabi — its seventh location and first within the Middle East, the leisure giant introduced on Wednesday.
The park will likely be located on Yas Island, already a notable leisure vacation spot within the United Arab Emirates that features distinguished sights equivalent to Ferrari World, Warner Bros. World and SeaWorld Abu Dhabi.
The space additionally boasts the Yas Marina Circuit, well-known for internet hosting Formula 1 occasions.
The Walt Disney Company companions with Miral to launch a resort in Abu Dhabi. Abu Dhabi Media Office
A map of all Disney theme park places. Donna Grace/NY Post Design
Miral will shoulder all the value of the development and construction, whereas Disney will oversee the artistic design, utilizing its famend imagineering group. Miral can even construct and operate it the advanced whereas the House of Mouse will present operational oversight as soon as the park is open.
Although Disney is not going to invest capital instantly, the company is poised to benefit financially by royalties from the project.
Disney CEO Bob Iger expressed enthusiasm for the enterprise, emphasizing the cultural synergy and modern potential of the new development.
“This is a thrilling moment for our company as we announce plans to build an exciting Disney theme park resort in Abu Dhabi, whose culture is rich with an appreciation of the arts and creativity,” Iger stated in a assertion.
Bob Iger is the CEO of Disney. Getty Images
“As our seventh theme park destination, it will rise from this land in spectacular fashion, blending contemporary architecture with cutting edge technology to offer guests deeply immersive entertainment experiences in unique and modern ways.”
Iger advised CNBC on Wednesday that the artistic planning for the resort was already underway, although he declined to commit to a firm opening date.
“We’re not pinning down a date yet,” he stated. “It typically takes us between 18 months and two years to design and fully develop and approximately five years to build, but we’re not making any commitments right now.”
A sketch of the theme park in Abu Dhabi. Disney
This announcement aligns with Disney’s strategic give attention to its experiences division, which encompasses theme parks, resorts, cruises and shopper merchandise.
In its fiscal second quarter earnings report, Disney stated its experiences division generated 6% more income in contrast to the identical period during the earlier 12 months. Shares of Disney soared by more than 9% after the beginning of the trading session on Wall Street on Wednesday.
“Experiences is obviously a critical business for Disney and also an important growth platform,” Iger famous during Disney’s current earnings call.
The park will likely be close to different distinguished sights equivalent to Ferrari World, Warner Bros. World and SeaWorld Abu Dhabi. Disney
“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.”
The choice to construct in Abu Dhabi continues Disney’s incremental enlargement into the UAE, the place it has lately expanded its retail presence and staged well-liked exhibits equivalent to “Disney on Ice” and Broadway’s “The Lion King.”
According to Iger, Disney started exploring the potential of establishing a theme park within the area round 2017 or 2018, however delays occurred due to management transitions and the Covid pandemic.
Disney highlighted the strategic location of Abu Dhabi, noting roughly a third of the worldwide population resides within a four-hour flight radius, creating an intensive market of roughly 500 million potential guests.
“This groundbreaking resort destination represents a new frontier in theme park development,” Josh D’Amaro, chairman of Disney Experiences, stated.
“Our resort in Abu Dhabi will be the most advanced and interactive destination in our portfolio.”
D’Amaro stated that the park will boast a “beautiful waterfront” and that the project “will reach guests in a whole new part of the world, welcoming more families to experience Disney than ever before.”
Upon completion, the new park will offer distinctive themed lodging, eating and buying experiences that mix Disney’s storytelling legacy with Abu Dhabi’s futuristic and cultural aptitude.
“It’ll be much larger than anything that’s currently here,” D’Amaro teased on CNBC.
