Disney has announced it is building its seventh theme park, which will be located in the United Arab Emirates, the entertainment company said Wednesday.
The beachfront resort is planned for Yas Island, near the country's capital, Abu Dhabi, home to the Formula 1 Abu Dhabi Grand Prix, Ferrari and Warner Bros. theme parks, and the SeaWorld water park.
Disney, along with Miral, the Abu Dhabi-based developer behind the project, hope to attract the 120 million airline passengers who visit Abu Dhabi and Dubai each year.
While Abu Dhabi has long been considered a less action-packed city compared to the beaches and vibrant nightlife of neighboring Dubai, it is also home to the Louvre Abu Dhabi and is currently building several new museums.
The announcement of the theme park comes ahead of US President Donald Trump's visit to the region next week, where Mr Trump has promised a series of business deals with Saudi Arabia, Qatar and the UAE.
The theme park will be built and operated by Miral, while Disney will handle the design and development. Disney will also license its intellectual property and provide development and management services, according to the official document.
The California-based company will not invest capital in the project. It will receive royalties based on the resort's revenues and will also receive a service fee.
Miral has been involved in the construction of almost all of the entertainment facilities built on the island.
The expected opening date has not yet been disclosed.
Shares of Disney, which also reported second-quarter financial results Wednesday that beat Wall Street expectations, rose more than 9% in morning trading.
Sourse: breakingnews.ie
