Disney (DIS) just revealed plans for a new theme park in the Middle East.
The media and entertainment giant said Wednesday that the new theme park and resort would be located in Abu Dhabi, United Arab Emirates (UAE), marking its first major expansion into the Middle East and its seventh global resort. This announcement comes 15 years after Disney’s last park project, Disneyland Shanghai, was unveiled in 2010.
The project supports Disney’s broader strategy to invest $60 billion into its theme parks and cruise lines by 2033, including approximately $30 billion already earmarked for expansions in Florida and California.
The Abu Dhabi resort will be developed in partnership with Miral, the state-backed tourism and real estate firm behind many of the UAE’s landmark attractions.
“We are celebrating another great moment in our storied history,” Disney CEO Bob Iger said during the company’s Q2 earnings call Wednesday morning, describing the project as “authentically Disney and distinctly Emirati.”
The announcement comes after the company reported strong second quarter earnings results, driven by a rebound in its domestic parks business and solid performance in its streaming unit. The company also boosted its full-year earnings outlook, sending shares about 10% higher in early trade.
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