Disney announces plan for Abu Dhabi theme park

• The park will be owned and operated by Miral Group, an entertainment management company that has built theme parks in Abu Dhabi such as the Ferrari World and SeaWorld parks.
• The new Disney park will be constructed on Yas Island, a tourism hub of the United Arab Emirates.
• It will mark the company's first entirely new location since its Shanghai location opened in 2016.

What they're saying: Disney's CEO Bob Iger told CNBC on Wednesday that Abu Dhabi represents an opportunity to target wealthier customers.

• "About five hundred million people that are 'income qualified,' meaning they can afford to visit one of our parks, live within a four-hour plane trip here," Iger said, also referencing the goal of Sheikh Mohamed bin Zayed Al Nahyan, the country's president, to attract 39 million visitors annually to Abu Dhabi by 2030.
• "This will basically put a Disney theme park really right in the backyard, so to speak, of a whole new consumer base."
• Iger said that the company is not "pinning down a date yet" for opening.

State of play: Parks are the jewel in Disney's crown.

• Disney's experiences division – which includes theme parks, cruises, games, and consumer products – make up the lion's share of its empire, about 60% of the company's annual profit.

• Disney on Wednesday said operating profits at its domestic theme park division had climbed 13% from the year before. Revenue, park attendance, hotel room books, and spending on food and merchandise were also all up.

What to watch: Iger added that the company will be investing "roughly $30 billion in the United States to expand Orlando and California."

• Disney told Axios that the $30 billion for U.S. parks is part of the $60 billion, decade-long investment that the company announced in 2023.
• Walt Disney World's Magic Kingdom is undergoing its "largest expansion to date as part of that," the company said.

Editor's note: This story has been updated with additional details on Disney's investment plans.