The Walt Disney Company is expanding, adding a seventh park to its global kingdom.
The company announced it will be building a theme park in Abu Dhabi.
It will be located waterfront on Yas Island. Disney itself is not constructing the park, instead, it will be built and run by Miral, with Disney licensing the intellectual property and providing development and management services, The Associated Press reported.
The New York Times said parks of this size usually cost $5 billion or more.
Disney will also not pay for the park, but will receive royalties from the developer from revenue and service fees.
In a press release, Disney called Miral “Abu Dhabi’s leading creator of immersive destinations and experiences.”
“What we are creating with Disney in Abu Dhabi is a whole new world of imagination — an experience that will inspire generations across the region and the world, creating magical moments and memories that families will treasure forever. Through the development of unique attractions and experiences, Abu Dhabi continues to be a destination of choice for the world‚” Miral’s Chairman, His Excellency Mohamed Khalifa Al Mubarak said.
Miral also built Warner Bros. World Abu Dhabi and SeaWorld Abu Dhabi, the Times reported.
This is not the first time Disney has partnered with another company or even governments to build a park outside of the U.S.
It partnered with the Chinese government to construct Shanghai Disneyland.
Tokyo Disneyland is owned and operated by The Oriental Land Company, Forbes reported. Hong Kong Disneyland is majority owned by the local government.
Disneyland Paris is the only international Disney park owned fully by the company, but was originally built as EuroDisney under a public-private partnership between the company and local governments. Disney took full ownership in 2017 after decades of ups and downs, Forbes reported.
The company’s namesake, Walt Disney, opened his first park, Disneyland, in Anaheim, California, in 1955. It is celebrating its 70th anniversary this year. It cost him $17 million.
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