Walt Disney Co. (NYSE:DIS) announced on Wednesday that it will build its seventh theme park in Abu Dhabi. CEO Bob Iger gave more insight on Disneyland Abu Dhabi on the company’s earnings call.
Iger joined the conference call from the United Arab Emirates and opened with prepared remarks highlighting the company’s expansion into the region.
“Disneyland Abu Dhabi will be authentically Disney and distinctly Emirati … blending wonderful Disney stories and characters with the cultures and tastes of this country and this region,” Iger shared.
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The Disney CEO pointed to Abu Dhabi as the ideal location for the company’s next theme park with an addressable tourism market of 500 million people living within four hours of the destination and 120 million people expected to travel through Dubai and Abu Dhabi in 2025.
“It will serve as an oasis of extraordinary Disney entertainment for millions and millions of people in this crossroads of the world connecting travelers from The Middle East and Africa, India, Asia, Europe and beyond,” Iger said.
Disney will not be investing capital in the project, but will license its intellectual property to Miral in exchange for royalties. Iger said Disney will be responsible for design and development and will maintain significant oversight of Miral’s operations with embedded employees.
“Our Imagineering team is already hard at work designing this large and very special destination that will become a source of joy and inspiration for generations to come,” Iger teased on the call, but did not offer a specific construction timeline or opening date.
“We’re not pinning down a date yet,” Iger said, in an interview with CNBC on Wednesday.
“It typically takes us between 18 months and two years to design and fully develop and approximately five years to build but we’re not making any commitments right now.”
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This article Disney’s New Abu Dhabi Theme Park Will Be ‘Authentically Disney And Distinctly Emirati,’ CEO Bob Iger Says originally appeared on Benzinga.com
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