Disney’s new Abu Dhabi theme park to cost over – Business News
Disney is set to open its first new theme park in over a decade, a lavish $10 billion resort in Abu Dhabi — with out investing a single greenback towards its construction.
The leisure giant introduced the landmark project on Tuesday, framing it as a historic second on par with Disneyland’s unique debut in 1955.
Disney CEO Bob Iger delivered the information during a quarterly earnings call, which he notably attended from the United Arab Emirates moderately than Disney’s Burbank headquarters.
Disney is set to open its first new theme park in over a decade, a lavish $10 billion resort in Abu Dhabi. through 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,” mentioned Iger, describing the long run park as “authentically Disney and distinctly Emirati.”
The park will likely be positioned on Yas Island, an leisure vacation spot already internet hosting points of interest corresponding to Warner Bros. World, Ferrari World and SeaWorld Abu Dhabi.
All these amenities are managed by Miral, the UAE’s state-backed leisure and leisure developer.
Under the phrases of the settlement, Miral will shoulder all the financial burden of the development, anticipated to exceed $10 billion, marking it probably the costliest Disney-branded resort ever constructed, in accordance to the Status e-newsletter.
Disney declined to remark formally on the projected cost.
Disney’s contribution to the Abu Dhabi project lies primarily in its priceless mental property and artistic oversight.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan (seen in black gown), the crown prince of Abu Dhabi, attended the announcement of the Disney Theme Park Resort on Yas Island. @admediaoffice/Instagram
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 information the resort’s design and branding, guaranteeing consistency with Disney’s international image.
Meanwhile, Miral will deal with funding, development and operational duties as soon as the park opens.
The financial association presents vital benefits for Disney.
Without risking its capital, the company stands to gather licensing charges from the park’s eventual revenues.
The new theme park is strategically positioned in an space that’s within a four-hour flight for one-third of humanity. Donna Grace/NY Post Design
This method aligns with the company’s present strategy, emphasizing fiscal prudence amidst ongoing media sector challenges, together with fluctuating box workplace returns and streaming uncertainties.
Disney’s parks and experiences division continues to exhibit robust financial resilience, just lately posting working income of $2.5 billion, outstripping the company’s media and sports activities segments mixed.
News of the Abu Dhabi enterprise contributed positively to Disney’s financial outlook, sending its stock price up almost 11% following the announcement.
The Post has sought remark from Disney.
