Disney is about 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 development.
The leisure large introduced the landmark venture on Tuesday, framing it as a historic second on par with Disneyland’s authentic debut in 1955.
Disney CEO Bob Iger delivered the information throughout a quarterly earnings name, which he notably attended from the United Arab Emirates somewhat than Disney’s Burbank headquarters.
“I am joining you from the United Arab Emirates, where we just announced an agreement to bring a Disney theme park to Abu Dhabi,” stated Iger, describing the longer term park as “authentically Disney and distinctly Emirati.”
The park will likely be situated on Yas Island, an leisure vacation spot already internet hosting points of interest comparable to Warner Bros. World, Ferrari World and SeaWorld Abu Dhabi.
All these services are managed by Miral, the UAE’s state-backed leisure and leisure developer.
Below the phrases of the settlement, Miral will shoulder the complete monetary burden of the event, anticipated to exceed $10 billion, marking it doubtlessly the most costly Disney-branded resort ever constructed, in accordance with the Standing e-newsletter.
Disney declined to remark formally on the projected value.
Disney’s contribution to the Abu Dhabi venture lies primarily in its worthwhile mental property and artistic oversight.
Its “Imagineers” — the creatives behind Disney’s immersive parks — will information the resort’s design and branding, making certain consistency with Disney’s international picture.
In the meantime, Miral will deal with funding, improvement and operational duties as soon as the park opens.
The monetary association presents vital benefits for Disney.
With out risking its capital, the corporate stands to gather licensing charges from the park’s eventual revenues.
This strategy aligns with the corporate’s present technique, emphasizing fiscal prudence amidst ongoing media sector challenges, together with fluctuating field workplace returns and streaming uncertainties.
Disney’s parks and experiences division continues to show sturdy monetary resilience, just lately posting working revenue of $2.5 billion, outstripping the corporate’s media and sports activities segments mixed.
Information of the Abu Dhabi enterprise contributed positively to Disney’s monetary outlook, sending its inventory worth up practically 11% following the announcement.
The Publish has sought remark from Disney.
