Abu Dhabi hopes bigger is better with Disney theme park
8 May 2025
Commentary
Colin Foreman
Editor
Ever since Aldar Properties first launched the Yas Island project with its Yas Marina Circuit for the Abu Dhabi Grand Prix in 2006, Abu Dhabi has been steadily adding theme parks to the island’s roster of attractions. First, there was the Ferrari theme park, then came a water park, a Warner Bros theme park and, most recently, SeaWorld.
The theory with theme park development is bigger is better.
A destination needs a series of parks to create a critical mass to attract visitors who can stay and enjoy multiple parks in one visit. The example always cited is Florida, which is home to many of the world’s largest theme parks, including Disney World.
The theory gained particular traction in the region when Dubai Parks and Resorts opened. The company, which was public until it was acquired by Meraas in 2021, reported significant losses as it struggled to attract enough visitors.
Although it opened with Legoland, Legoland Waterpark, Motiongate and Bollywood theme parks, insiders said that the problem with the development was that it did not have enough attractions to turn it into a successful theme park destination.
The financial performance of theme parks on Yas Island has not been publicly disclosed. While it is accepted that they have been more successful than their counterparts in Dubai, some say that the island still does not have the critical mass required to establish itself as a global destination for theme park visitors.

Miral has developed a series of theme parks and other entertainment-related attractions on Yas Island
Enter Disney
Disney changes that. It is the largest brand in the theme park space and will be a major attraction, but with limited information released on the project so far, it is difficult to fully gauge how significant the project will be.
The official release said that the project will be developed and operated by Abu Dhabi developer Miral, adding that Disney’s in-house design and engineering unit, Walt Disney Imagineering, will lead creative design and operational oversight to provide a world-class experience. It did not give any details on the ownership of the project.
In Hong Kong, for example, a company, Hong Kong International Theme Parks, was established as a joint venture, with the Government of Hong Kong holding 57% and The Walt Disney Company holding 43%.
In Japan, the structure is different. The Tokyo Disney Resort is owned and operated by Oriental Land, and the company pays licences and royalties to The Walt Disney Company.
In interviews following the launch announcement, Miral CEO Mohamed Abdalla Al-Zaabi confirmed the arrangement will be like Tokyo.
Waterfront location
The official release for the Abu Dhabi launch also said that the project is on Yas Island, which only has limited areas of land to develop. The release also said that the land is waterfront, and imagery in the launch video shows the Abu Dhabi skyline in the background, suggesting the land is on the northern waterfront of Yas Island.
There is a substantial tract of undeveloped land on the north shore of the island, which measures about 2 square kilometres (sq km). This is larger than the site that Hong Kong Disneyland occupies, and much smaller than Disney World in Florida, which spans an area of 111 sq km – nearly five times the size of the whole of Yas Island and nearly double the size of Abu Dhabi Island.
The hope is that Yas Island will become a leading global theme park destination and attract large numbers of visitors wanting a holiday with multiple theme park visits
Exclusivity clause
Another area of interest will be whether Abu Dhabi has an exclusivity agreement with Disney for the region. No exclusivity was mentioned at the launch, but in Hong Kong, the issue became contentious when Disney announced plans to build a park shortly after Disneyland Hong Kong opened. Local politicians criticised the Hong Kong government for not including an exclusivity clause in its deal with Disney.
Tourism gateway
Like Hong Kong, Abu Dhabi is a smaller economy sitting next to a larger regional player. With Saudi Arabia’s ambitious Vision 2030 strategy and its existing roster of theme park developments at Qiddiya, which includes a Six Flags, a water park and a Dragon Ball Z theme park, developers in Riyadh would likely be keen to have a Disney theme park, too.
For now, with Disney on board in Abu Dhabi, the hope is that Yas Island will become a leading global theme park destination and attract large numbers of visitors wanting a holiday with multiple theme park visits.
The potential is certainly there. During the project launch, Disney highlighted that the UAE is located within a four-hour flight of one-third of the world’s population, making it a significant gateway for tourism. It is also home to the largest global airline hub in the world, with 120 million passengers travelling through Abu Dhabi and Dubai each year.
If that potential is realised, then the bigger is better theory will be proved right. If the park’s performance disappoints, then it will suggest the region is not such a great destination for theme parks after all.
Exclusive from Meed
-
PIF’s 2025 results back 2026-30 strategy shift3 July 2026
-
-
-
Contractor wins Qiddiya Speed Park package deal3 July 2026
-
Local contractor wins DIFC tower contract3 July 2026
All of this is only 1% of what MEED.com has to offer
Subscribe now and unlock all the 153,671 articles on MEED.com
- All the latest news, data, and market intelligence across MENA at your fingerprints
- First-hand updates and inside information on projects, clients and competitors that matter to you
- 20 years' archive of information, data, and news for you to access at your convenience
- Strategize to succeed and minimise risks with timely analysis of current and future market trends
Related Articles
-
PIF’s 2025 results back 2026-30 strategy shift3 July 2026
Saudi Arabia’s Public Investment Fund (PIF) has published its audited consolidated financial statements for the year ended 31 December 2025, the first full set of annual results to follow the board’s approval of the fund’s 2026-30 strategy.
The results show a sharp improvement in profitability last year even as leverage rose and volatility in its listed equity holdings widened. The performance helps explain the strategic shift towards capital discipline and focus on private sector partnerships set out in April.
In April, PIF’s board, chaired by Crown Prince Mohammed Bin Salman Al-Saud, approved a new five-year strategy structured around three portfolios, the Vision Portfolio, the Strategic Portfolio and the Financial Portfolio, and organised around six domestic ecosystems: tourism, travel and entertainment; urban development and liveability; advanced manufacturing and innovation; industrials and logistics; clean energy, water and renewables infrastructure; and Neom as a standalone ecosystem.
Project reprioritisation
The strategy followed a period of reprioritisation across PIF’s gigaproject portfolio and set out a renewed emphasis on private capital, with PIF stating it would “further enable the role of the private sector as an effective partner for sustainable economic development”.
PIF’s consolidated profit for 2025 rose to SR65.2bn ($17.4bn) in 2025, up 152% from SR25.8bn in 2024. The increase was driven by operating profit more than doubling, to SR78bn from SR34.7bn, as revenue growth outpaced cost of revenue and general and administrative expenses moderated relative to the prior year. Profit attributable to the owner of the fund rose to SR46.4bn, up from just SR1bn in 2024, a swing that accounts for most of the year-on-year improvement.
Total revenue, comprising SR312bn of operating revenue and SR137.9bn of income from investment activities, rose 8.8% to SR449.9bn. Core operating revenue alone was up 9.9%, from SR284bn in 2024.
Segment mix
The segment breakdown shows where that growth came from, and it lines up closely with the six ecosystems named in the 2026-30 strategy. Banking and financial services remained the largest single revenue line at SR85.3bn, followed by telecommunications at SR76.8bn ($20.5bn), which was down slightly on 2024. Mining revenue rose 19.3% to SR38.8bn, consistent with the strategy’s focus on industrials and logistics, while revenue from electronic gaming and related services held broadly flat at SR15.6bn, an area PIF governor Yasir Al-Rumayyan specifically cited as a sector for strategic investment alongside artificial intelligence and renewable energy. Agricultural and livestock revenue nearly tripled, to SR7.6bn from SR2.5bn, and revenue from events operations rose to SR7.6bn from SR6bn, both pointing to the diversification into domestic ecosystems the strategy describes. Real estate operations revenue and revenue from advanced electronics and aerospace both declined slightly year-on-year.
Total assets grew 5.1% to SR4.54tn from SR4.32tn, continuing the expansion PIF has reported since 2015, when the strategy document put assets under management at $150bn, against more than $900bn today. The two figures are not directly comparable, since the IFRS consolidated balance sheet captures the full assets of consolidated subsidiaries such as the fund’s banking, telecommunications and mining operations, while PIF’s publicly cited assets-under-management figure uses a different valuation methodology, but both point to the same order of scale.
Total equity, by contrast, fell 2% to SR2.63tn ($701bn) from SR2.68tn, despite the sharp rise in reported profit. The gap is explained by other comprehensive income, which swung to a loss of SR113.3bn for the year, driven primarily by a SR112.8bn fair-value loss on equity instruments measured at fair value through other comprehensive income. In other words, unrealised mark-to-market losses on part of PIF’s listed equity portfolio outweighed the operating profit improvement, leaving total comprehensive income attributable to the owner of the fund at a loss of SR64.7bn for the year, though this was narrower than the SR154.4bn loss recorded in 2024.
Total liabilities rose 16.7%, to SR1.91tn from SR1.64tn, driven mainly by loans and borrowings, which climbed 27.2% to SR725.3bn from SR570.4bn. Property, plant and equipment grew 6.3%, to SR429.6bn, reflecting continued capital spending across PIF’s real estate and gigaproject portfolio, including the stadium, hospitality and urban development programmes.
Strategy context
The scale of PIF’s investment activity in the run-up to 2025 is set out in the April strategy announcement rather than the financial statements themselves. Between 2021 and 2025, PIF says it invested more than $199bn in new projects in Saudi Arabia, contributed $243bn to real non-oil GDP and spent more than $157bn with the local private sector, alongside growing assets under management six-fold and delivering an annualised total shareholder return of more than 7% since 2017. Read against the 2025 results, the rise in mining, gaming, agricultural and events revenue is an early indication that this domestic ecosystem investment is beginning to show up in operating performance, even as the wider balance sheet shows the cost of that expansion in higher borrowing and greater sensitivity to listed equity markets.
The results reinforce a theme demonstrated by PIF’s ongoing award of construction contracts for Expo 2030, the 2034 Fifa World Cup and other gigaprojects in the kingdom. Growth is increasingly funded through a combination of retained earnings, debt and, with the new strategy, private co-investment, rather than balance-sheet expansion alone. The explicit retention of Neom as a named ecosystem in the 2026-30 strategy, despite the cancellation of several Trojena contracts and the loss of the Asian Winter Games over the past year, suggests PIF intends to continue funding the project, but within a more disciplined framework most likely centred on industrial development around the Port of Neom, which is also known as Oxagon.
The 2025 results and the 2026-30 strategy point to a fund entering a new phase: profit generation has improved markedly, but leverage has grown and comprehensive income remains exposed to swings in listed markets, both factors consistent with a strategy that emphasises capital efficiency, institutional excellence and a larger role for private capital rather than a further scaling-up of gigaproject spending on PIF’s own balance sheet.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17540500/main.gif -
UAE to add Ajman to its Etihad Rail passenger network3 July 2026

Register for MEED’s 14-day trial access
As part of ongoing procurement for the UAE’s national passenger rail rollout, Abu Dhabi’s Etihad Rail is adding Ajman to the planned network, extending coverage to five of the seven emirates.
Etihad Rail tendered a design-and-build contract in late June to construct a section of the network to Hamriyah in Ajman, branching off from its existing freight network.
The scope includes civil and track works, the construction of a passenger station and other associated infrastructure.
Contractors have until 27 July to submit their proposals.
The extension to Ajman brings Etihad Rail’s passenger network closer to the wider Northern Emirates, where Umm Al-Quwain and Ras Al-Khaimah still sit outside the current rollout, despite lying along the existing freight corridor, which currently terminates at Al-Ghail dry port in Ras Al-Khaimah.
The sequencing of the Ajman section could pave the way for further extensions if this section proves successful.
The latest development follows Etihad Rail’s start of passenger rail operations on 30 June 2026, with an introductory operational phase on the Abu Dhabi-Fujairah route.
The passenger roll-out marked a major milestone for Etihad Rail, which was established in 2009 and tasked with delivering a roughly 900-kilometre railway linking key cities, ports and industrial hubs from Ghuwaifat to Fujairah on the eastern coast.
The launch came less than five years after the UAE announced its ambition to create a national passenger railway under the country’s “Projects of the 50” programme, aiming to support economic diversification and sustainable development.
According to Etihad Rail, passenger services will be introduced in planned phases through 2026 and 2027:
- 23 June 2026: Passenger tickets went on sale via the Etihad Rail app and a dedicated booking website (as well as the contact centre for certain fares)
- 30 June 2026: Introductory operational phase begins with services between Abu Dhabi and Fujairah only
- 30 September 2026: Passenger rail services formally commence and expand to include Abu Dhabi, Dubai, Al-Dhaid and Fujairah
- 30 December 2026: Services extend to Al-Dhafra stations
- 30 March 2027: Services expand further to include Sharjah
In response to MEED’s request for comment on the Ajman section, Etihad Rail said:
“Etihad Rail remains committed to supporting the UAE’s vision for an integrated, efficient and sustainable transport network that enhances connectivity between communities and supports the nation’s long-term economic and social development.
“As previously announced, Etihad Rail’s passenger services are being introduced in phases, with further expansion planned over time. We do not comment on market speculation, commercial discussions, procurement activity, or projects that have not been formally announced.
“Any updates regarding future developments will be communicated through official channels in due course.”

Passenger rail operations
Tickets for the Abu Dhabi-Fujairah route are already on sale through the operator’s digital platforms.
Customers can book tickets up to four weeks before travel. Tickets for new destinations will be released in line with the phased roll-out.
At this point, Etihad Rail’s passenger service will officially connect 11 cities and regions across the UAE, supported by a station network that links key urban and economic centres. The station list includes:
- Abu Dhabi – Mohamed Bin Zayed City Station
- Dubai – Al-Yalayis Station
- Sharjah – University City Station
- Fujairah Station
- Al-Dhaid Station
- Al-Dhannah Station
- Madinat Zayed Station
- Liwa Station
- Al-Mirfa Station
- Al-Sila Station
- Al-Faya Station
Construction history
The first phase of Etihad Rail comprised a 264-kilometre freight line spanning Shah, Habshan and Ruwais. This was primarily delivered by a consortium of Italy’s Saipem and Maire Technimont, alongside UAE-based Dodsal Engineering & Construction.
Stage 2 of Etihad Rail comprises four major packages.
India’s Larsen & Toubro worked with Chinese state-owned PowerChina International on the design and construction of freight facilities for Stage 2 under a AED1.87bn contract.
A joint venture comprising China State Construction Engineering Corporation and South Korea’s SK Engineering worked on the first of four civil and track works packages for the 139km line between Ghuwaifat and Ruwais. The contract, worth AED1.5bn, was confirmed in March 2019.
Packages B and C of Stage 2 were awarded to a joint venture of Beijing-based China Railway Construction Corporation and local Ghantoot Transport & General Contracting in June 2019.
Both packages are understood to have a combined value of AED4.4bn and cover 310km of the rail network.
In December 2019, a joint venture of CRCC and local National Projects & Construction was formally confirmed for the AED4.6bn Package D.
Package D will link the ports of Fujairah and Khorfakkan to the network at the Dubai-Sharjah border and stretches over a distance of 145km.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17525193/main.jpg -
IHC deepens India links with $11.5bn aluminium venture3 July 2026
Abu Dhabi’s International Holding Company (IHC) has struck its third major partnership with India’s Adani Group in a year, signing an agreement to co-develop an $11.5bn greenfield aluminium complex in the eastern Indian state of Odisha.
Under a memorandum of understanding signed with the Odisha state government on 2 July, Adani Enterprises (AEL) and International Resources Holding (IRH), the natural resources investment platform IHC operates through its 2PointZero subsidiary, will form a 50:50 joint venture to build an integrated alumina and aluminium complex. The project comprises a 4-million-tonne-a-year (t/y) alumina refinery, a 2 million t/y aluminium smelter, a 4,000MW captive power plant and a 1 million t/y downstream manufacturing park.
The deal marks Odisha’s largest foreign direct investment proposal to date and what the partners describe as India’s largest single foreign investment in the metallurgy sector. It is expected to create about 53,500 jobs, split between roughly 35,000 during construction and 18,500 in ongoing mining, refining, smelting and manufacturing operations once the complex is running.
The tie-up extends a fast-growing relationship between IHC and Adani that began with a renewable energy joint venture between IHC subsidiary ePointZero and Adani Green Energy earlier this year. For IHC, which has built a $233bn portfolio spanning more than 1,300 subsidiaries across technology, infrastructure, financial services and consumer sectors, the Odisha project deepens a strategy of using IRH as a vehicle to secure positions across the minerals value chain underpinning the energy transition, moving beyond passive investment into direct industrial development.
Odisha holds some of India’s largest bauxite reserves and is already a significant alumina and aluminium producer. State officials cast the project as central to plans to position the region as a global manufacturing hub, tying it to the state’s Samruddha Odisha 2036 development programme and the national Viksit Bharat 2047 agenda.
The project will proceed in two phases. Following the MoU signing, AEL and IRH said they would move to land acquisition, statutory approvals and infrastructure planning alongside the Odisha government.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17539363/main.png -
Contractor wins Qiddiya Speed Park package deal3 July 2026

Register for MEED’s 14-day trial access
Riyadh-based contractor El-Seif Engineering Contracting has won a contract to build the Exclusive Viewing Lounge (EVL) project in Qiddiya Entertainment City.
Saudi gigaproject developer Qiddiya Investment Company (QIC) awarded the contract.
The EVL comprises a four-storey structure designed for race-day viewing and guest hospitality. It will include dedicated spectator viewing areas, indoor lounge spaces, guest amenities and back-of-house service areas to support operations.
Local firm Ammico Contracting carried out the project’s enabling works.
The EVL is part of the Speed Park project at Qiddiya, which El-Seif Engineering Contracting and UAE-based Alec are jointly executing, as previously reported by MEED. The wider scope includes the construction of buildings around the racetrack.
The racetrack is being delivered by local United Maintenance & Contracting Company (Unimac). In February 2024, MEED exclusively reported that QIC had awarded an estimated SR1.8bn ($480m) contract for the racetrack and associated infrastructure at Qiddiya’s Speed Park.
The contract scope includes the track build and all infrastructure works, including electrical networks, storm drainage systems, water and sewer networks, landscaping, and associated underground and above-ground structures, along with related civil works.
The Speed Park is being built around a Federation Internationale de l’Automobile (FIA) Grade 1 racetrack as part of the resort core in Qiddiya Entertainment City. Once complete, the circuit will be capable of hosting Formula 1 Grand Prix and motorcycling MotoGP races.
The Speed Park is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, the Prince Mohammed Bin Salman Stadium, a horse race venue, a performing arts centre, the Dragon Ball and Six Flags theme parks, and Aquarabia.
The project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17538940/main.jpg -
Local contractor wins DIFC tower contract3 July 2026
Register for MEED’s 14-day trial access
Dubai-based contractor Al-Basti & Muktha has been awarded a contract to build the DIFC Heights Tower mixed-use development.
The state-backed Dubai International Financial Centre (DIFC) awarded the contract.
The project comprises a 43-storey building with 366 residential units, office space, and retail and food-and-beverage outlets. Construction is expected to commence shortly, with completion slated for 2029.
Enabling works are under way and are being undertaken by Germany’s Bauer.
Lebanese engineering firm Dar Al-Handasah is the lead and supervision consultant, while UAE-based Time is the project manager. Canadian engineering firm AtkinsRealis is the architect and concept designer, and local firm Omnium is the cost consultant.
In a statement, DIFC said the project is being developed on the final remaining plot within its original land bank in the Gate District.
Earlier this year, Dubai announced a AED100bn ($27bn) expansion of DIFC through the creation of the DIFC Zabeel District. A statement from the Government of Dubai Media Office said the new district will add more than 7 million square feet (sq ft), bringing total gross floor area to 17.7 million sq ft.
The Zabeel District is expected to more than double DIFC’s capacity to more than 42,000 businesses, support a workforce exceeding 125,000, and allocate more than 1 million sq ft for future technologies and artificial intelligence. Planned in six phases, the expansion is scheduled to open to the public in 2030, with the masterplan due for completion in 2040.
A bridge will link the DIFC Zabeel District to the existing DIFC Gate District.
READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDFStress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.
Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
> AIRPORTS: Dubai and Riyadh reaffirm airport ambitions> INDUSTRY REPORT: Dubai eyes tourism sector recovery> DATA CENTRES: Big Tech falls short on data centre promise> LEADERSHIP: Aramco’s citizen developers accelerate digital changeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17538278/main.jpg
