Disney and Miral Unveil Plans for Majestic New Theme Park in Abu Dhabi

On Wednesday, Walt Disney (DIS.N) disclosed intentions to launch a Disney theme park in Abu Dhabi, the capital of the United Arab Emirates, working alongside local developer Miral Group. This marks their first significant new theme park venture in almost ten years and will be Disney’s inaugural location in the Middle Eastern region.

The proposed Disney lakeside resort will be situated on Yas Island, a well-known tourist spot that features various family-oriented destinations such as Warner Bros World Yas Island, SeaWorld Yas Island, and Yas Waterworld Abu Dhabi.

Approximately 2.5 million people live in the city of Abu Dhabi, whereas Yas Island saw over 34 million visitors in 2023, marking a 38 percent increase from the previous year, according to Miral.

We have consistently shown interest in this region with the aim of introducing our Disney tales to a newer, younger audience," said Josh D'Amaro, chairman of Disney's Experiences division, to Reuters. He further noted, "Abu Dhabi proved to be an excellent choice for us.

Miral, an Abu Dhabi–based company focused on leisure and entertainment that developed Yas Island, will fund, construct, and manage the resort. The team of imaginative designers at Disney, referred to as Imagineers, will oversee the creative aspects and offer guidance during operations.

According to a regulatory document, the American entertainment firm will receive royalty payments tied to the amusement park’s earnings.

"The Disney park will embody authentic Disney charm combined with distinctively Emirati characteristics – a haven offering exceptional Disney entertainment, strategically located at the intersection of global cultures," stated Disney CEO Bob Iger on Wednesday.

Abu Dhabi is renowned for its petroleum riches; however, last year it declared intentions to allocate over $10 billion towards infrastructure development with the aim of expanding its tourism sector. The global aviation gateway located in Dubai, which serves as the commercial epicenter of the UAE, seeks to enhance its capabilities to handle up to 120 million travelers annually by 2026.

Disney has not disclosed the opening date for the new park; however, D'Amaro mentioned that a project of such magnitude might require one to two years just for designing, followed by an additional four to six years for construction.

Upon completion, the resort will provide Disney-inspired attractions, eateries, and shopping venues that seamlessly merge The Walt Disney Company’s narrative techniques with Abu Dhabi’s cultural legacy, as stated by D'Amaro.

INVESTMENTS IN EXPERIENCES UNIT

The amusement park in Abu Dhabi marks Disney's first venture since their Shanghai Disneyland opening in 2016. This project signifies an ongoing effort by the company to "supercharge" its Experiences division, encompassing all six of their international theme park resorts, along with their cruise line and a family retreat in Hawaii.

In 2023, Disney declared an investment plan totaling $60 billion spread across ten years. This initiative aims to expand its fleet of Disney cruise ships twofold and boost investments in their theme park offerings. Additionally, they acquired a minor shareholding position in Epic Games, the company behind the popular video game Fortnite.

D'Amato mentioned that Miral first reached out to Disney to discuss their vision of establishing a tourist destination in Abu Dhabi. This dialogue prompted Disney’s leadership team to tour the potential location for the theme park back in September.

"We got a look at where our potential park might be located, and we had some intense discussions about what this could mean for our 'acceleration' strategy," D'Amaro stated.

Following a return visit to the area in February, D'Amaro stated that the groups engaged in intense talks which ultimately led to an agreement. Details regarding the size of Miral’s investment were not revealed.

The Miral Group CEO, Mohamed Abdalla Al Zaabi, released a statement celebrating the inclusion of a Disney theme park on Yas Island as an "epoch-making achievement" in their mission to transform the island into a worldwide entertainment hub.

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