The Walt Disney Company has just revealed plans for a brand-new theme park, set to be built on Yas Island in the United Arab Emirates. This announcement was made on Wednesday, marking a significant collaboration between Disney and Miral, a company renowned for creating immersive destinations and experiences. This venture will represent Disney's seventh theme park resort, showcasing the company's commitment to expansion and innovation in the entertainment industry.
Miral will be responsible for the full development and construction of the park, while Disney's talented imagineers will oversee the creative design and operational aspects of the project. Notably, Disney will not be investing capital into this venture; instead, the company will benefit from royalty earnings. This development is separate from Disney's ambitious plan to invest $60 billion in its theme parks over the next decade.
Disney CEO Bob Iger expressed his enthusiasm for the project, stating, "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." He emphasized that the park will blend contemporary architecture with cutting-edge technology, offering guests deeply immersive entertainment experiences.
During an interview with CNBC's David Faber, Iger revealed that the imagineers have already commenced the design phase of the park, although he did not provide a timeline for its anticipated opening. This announcement comes on the heels of Disney reporting strong fiscal results, with its experiences business—including parks, cruises, and resorts—showing a 6% year-over-year revenue growth.
Disney has been gradually establishing its presence in the United Arab Emirates, launching retail stores and touring entertainment shows such as Broadway's The Lion King and Disney on Ice. The company highlighted that approximately one-third of the world's population is located within a four-hour flight of the UAE, translating to an addressable tourism market of around 500 million visitors.
Josh D'Amaro, chairman of Disney experiences, described this new resort as a groundbreaking destination, stating, "This project represents a new frontier in theme park development." He noted the unique location, anchored by a beautiful waterfront, which will allow Disney to tell its stories in innovative ways. D'Amaro emphasized that this park will reach families in a new part of the world, making Disney experiences more accessible than ever before.
Yas Island is already a vibrant hub of entertainment and retail, featuring attractions like Ferrari World Abu Dhabi, Yas Waterworld, SeaWorld Abu Dhabi, and Warner Bros. World Abu Dhabi. Additionally, the area boasts the Formula 1 Yas Marina Circuit, Abu Dhabi's largest mall, and an award-winning golf course. The new Disney park is expected to include themed accommodations and unique dining and retail experiences that merge Disney's storytelling heritage with the futuristic and cultural essence of Abu Dhabi.
As this project moves forward, it promises to redefine the theme park experience and attract visitors from around the globe, further establishing Abu Dhabi as a premier destination for entertainment and family fun.
