UPDATED with Bob Iger comments on earnings call: Disney and Miral, Abu Dhabi’s leading creator of immersive destinations and experiences, are teaming up to create a landmark Disney theme park resort in Abu Dhabi, United Arab Emirates.
The waterfront resort will be located on Yas Island, “a world-class destination for entertainment and leisure, connecting travelers from the Middle East and Africa, India, Asia, Europe, and beyond,” Disney said. “This seventh Disney theme park resort will combine Disney’s iconic stories, characters and attractions with Abu Dhabi’s vibrant culture, stunning shorelines, and breathtaking architecture.”
The new resort will be fully developed and built by Miral. Disney and its Imagineers will lead creative design and operational oversight to provide a world-class experience. Miral, which has developed a number of family entertainment destinations on Yas Island, Abu Dhabi in collaboration with American and European brands, will operate the resort.
“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,” said CEO Bob Iger. “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. Disneyland Abu Dhabi will be authentically Disney and distinctly Emirati – an oasis of extraordinary Disney entertainment at this crossroads of the world that will bring to life our timeless characters and stories in many new ways and will become a source of joy and inspiration for the people of this vast region to enjoy for generations to come.”
Disney shares jumped this morning, up 8% premarket. Iger is in Abu Dhabi currently, he said, as he kicked off a post-earnings conference call with analysts, and the Imagineering team is already hard at work designing the new park. “We studied the region very carefully,” Iger said. “It was very obvious to us that there were many people that, basically, hundreds of millions in the world that were income qualified, where a trip to one of our six locations was pretty lengthy in nature and expensive. And so we felt the best way, obviously, to reach those people is to basically bring our product to them.”
“We also looked at what they’ve already built, between the Louvre, that’s already built, the Guggenheim, which is going up, and other incredible experiences, the architecture here as well. And everywhere we looked, we basically were convinced that this was a perfect place for us,” he said on the call asked what led Disney to the UAE.
The news hits amid a major investment push by Disney at its core parks and experiences businesses, which helped drive a strong March quarter results reported earlier today. In the fall of 2023, the company announced plans to double its investment in theme parks to $60 billion over 10 years. Iger said Disney will be investing $30 billion in the U.S. in Walt Disney World and Disneyland.
Miral is putting up all the capital and Disney will license its IP and receive a royalty. Iger said, “We will be involved significantly in oversight of their operations” and “have employees embedded in the organization with them to help them operate a Disney theme park, basically the quality level that everybody’s used to.”
“Abu Dhabi is a place where heritage meets innovation, where we preserve our past while designing the future,” said Mohamed Khalifa Al Mubarak, chairman of Miral. “The collaboration between Abu Dhabi and Disney demonstrates the remarkable results of combining visionary leadership and creative excellence. 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. Through the development of unique attractions and experiences, Abu Dhabi continues to be a destination of choice for the world.”
Rendering/Disney
The partners noted that UAE is located within a four-hour flight of one-third of the world’s population, making it a significant gateway for tourism. It is home to the largest global airline hub in the world, with 120 million passengers traveling through Abu Dhabi and Dubai each year.
“This groundbreaking resort destination represents a new frontier in theme park development,” said Josh D’Amaro, chairman, Disney Experiences. “Our resort in Abu Dhabi will be the most advanced and interactive destination in our portfolio. 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. This project will reach guests in a whole new part of the world, welcoming more families to experience Disney than ever before. Ultimately, it will be a celebration of what’s possible when creativity and progress come together.”
“Bringing a Disney theme park resort to Yas Island marks a historic milestone in our journey to further advance the island’s position as a global destination for exceptional entertainment and leisure,” said Mohamed Abdalla Al Zaabi, Group CEO, Miral. “Together, we are creating a place of boundless innovation, where the vision of our leadership continues to inspire the world.” The development of unique experiences will support sustained economic growth in Abu Dhabi and beyond.
