Walt Disney Company has exciting news: a new theme park is set to rise on Yas Island in Abu Dhabi, UAE. This marks the corporation's seventh theme park, forged through a partnership with Miral, a company specializing in immersive destinations. While Miral will handle the park's development, Disney's creative team will oversee design and operations, ensuring a unique Disney experience.
Interestingly, Disney will not be making a direct financial investment in this project, instead opting for a royalty-based model. It’s essential to note that this development is separate from the company’s ambitious $60 billion commitment to enhance existing theme parks over the next decade.
In a public statement, Disney CEO Bob Iger expressed his enthusiasm: “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 also hinted at the park's striking design, which will combine modern architecture with advanced technology to deliver immersive experiences for guests.
During a recent interview, Iger shared that Disney imagineers have already initiated the park's design phase. However, he refrained from offering a specific timeline for the park's opening. Typically, the design and development phase takes around 18 months to two years, followed by a building period of about five years. Although precise dates remain unconfirmed, the excitement surrounding this project is palpable.
This announcement coincided with Disney's recent fiscal second-quarter report, where the company showcased growth in its experiences sector, which includes parks, cruises, and consumer products. This sector experienced a 6% increase in revenue compared to the previous year and constituted 37% of the company’s overall revenue, highlighting the significance of theme park development as a core revenue stream for Disney.
Iger emphasized the importance of the experiences division during the earnings call, stating, “Despite any macroeconomic uncertainties, I’m encouraged by the resilience of our business as illustrated by these earnings and our strong bookings for Walt Disney World.”
Disney’s interest in expanding to the UAE has been gradually increasing over recent years. The company has already ventured into retail and entertainment shows in the region, including Broadway’s "The Lion King" and "Disney on Ice." Iger noted that the idea of establishing a new resort in the area emerged around 2017 and 2018. However, pandemic-related delays and changes in leadership temporarily postponed any expansions.
The UAE's geographical position is also advantageous, with approximately one-third of the global population living within a four-hour flight radius. This accessibility creates a tourism market of around 500 million potential visitors, making it a prime location for a new Disney experience.
The upcoming Disney resort is set to redefine theme park experiences. Josh D'Amaro, chairman of Disney experiences, highlighted that this new location will be the most advanced and interactive in Disney's portfolio. Situated near a beautiful waterfront, the park will offer a unique storytelling environment that blends Disney's rich heritage with the modern and cultural aspects of Abu Dhabi.
Yas Island is already well-known for its entertainment and retail options, featuring famous attractions such as Ferrari World, Yas Waterworld, and Warner Bros. World Abu Dhabi. With plans for themed accommodations and distinctive dining experiences, the new Disney park will integrate its beloved storytelling traditions into the vibrant culture of the UAE.
Josh D'Amaro hinted that the upcoming park would surpass existing attractions in size and scope, creating an expansive new frontier for Disney’s theme park operations. The combination of state-of-the-art technology and creative storytelling is bound to attract families and visitors from around the globe, promising to make Disney experiences more accessible than ever.
The introduction of a Disney theme park in Abu Dhabi marks not only a significant business initiative but a cultural expansion for the iconic brand. With a thriving tourism market and a strategic partnership with Miral, Disney is poised to make a lasting impact in the Middle East, further enriching the global landscape of theme park entertainment.
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