Walt Disney to open its first Middle East theme park in Abu Dhabi

Walt Disney Co. said on Wednesday it is planning to set up its first theme park in the Middle East, a sprawling resort property inUnited Arab Emirates capital Abu Dhabi.

In a statement,theentertainment company said its 13th park will be built, owned and operated by the Miral Group. Disneyland Abu Dhabi will be constructed on Yas Island, a major tourism hub in the United Arab Emirates.

California-based Disney hoped to attract tourists from "the Middle East and Africa, India, Asia, Europe, and beyond," it added.

Theannouncement comes ahead of US President Donald Trump's visit to Saudi Arabia, Qatar and the United Arab Emirates next week.

The new resort will combine Disney's "iconic stories, characters and attractions with Abu Dhabi's vibrant culture, stunning shorelines, and breathtaking architecture."

Walt DisneyEarnings

The media giant reported on Wednesday a jump in quarterly revenues.

Its overall sales rose 7% to $23.6 billion in the first quarter, with subscribers to its streaming service rising to 126 million, adding 1.4 million new users.

"Despite questions around any macroeconomic uncertainty or the impact of competition, I'm encouraged by the strength and resilience of our business," Disney Chief Executive Officer Bob Iger said.

Shares of the company surged more than 10% as it posted adjusted earnings per share of $1.45 for the quarter. Its operating income came in at $4.4 billion.

Disney forecast adjusted earnings per share of $5.75 for fiscal 2025, an increase of 16% from the prior fiscal year. Disney’s Chief Financial Officer Hugh Johnston told investors that "the outlook is actually still quite strong" for the company's Experiences unit, with bookings up in the fiscal third and fourth quarters. Theme park attendance "is actually still quite good." The lone exception is at Shanghai Disney Resort and Hong Kong Disneyland, where attendance has dropped, which he attributed to the Chinese economy.

Its newest cruise ship, Disney Treasure, has attracted "sky high" consumer ratings; and the new vessel to be ported in Singapore is already attracting interest, the CEO said.

He also predicted the cruise line would become a growth driver for the Experiences segment over the next three to four years.