'Most Advanced and Interactive Destination in Our Portfolio': Disney Is Building a New Theme Park in the Middle East. Here's What We Know. Disney CEO Bob Iger said the project is "ambitious."

The Walt Disney Company announced in a statement on Wednesday that it intends to build a "landmark Disney theme park resort" in Abu Dhabi, United Arab Emirates.

"Disneyland Abu Dhabi will be authentically Disney and distinctly Emirati," said Disney CEO Bob Iger in a statement. "An oasis of extraordinary Disney entertainment at this crossroads of the world that will bring to life our timeless characters and stories in many new ways and will become a source of joy and inspiration for the people of this vast region to enjoy for generations to come."

Related: Here's How Much 8 CEOs Made in 2024, From JPMorgan's Jamie Dimon to Disney's Bob Iger

^{Provided by Disney.}

The new resort will be Disney's seventh global property and will be located on Yas Island.

Disney CEO Bob Iger told the New York Times in a phone interview that the company is "planning to be very ambitious with this."

The design will incorporate the waterfront location and include the traditional Disney castle and other classic rides, but overall, the park will be tailored to the "futuristic and cultural essence of Abu Dhabi," per the statement.

"Our resort in Abu Dhabi will be the most advanced and interactive destination in our portfolio," said Josh D'Amaro, chairman of Disney Experiences. "The location of our park is incredibly unique, anchored by a beautiful waterfront, which will allow us to tell our stories in completely new ways."

The new resort will be "fully developed and built by Miral," the statement adds, though Disney and Miral did not disclose how much it would cost to build. The NYT notes that new theme parks of this size and stature can cost more than $5 billion.

Related: Disney Announces Major Executive Changes, Including When CEO Bob Iger Is Leaving. Here's What We Know.

"It's not just about 'If you build it, they will come,'" Iger told the NYT. "You have to build it right. And quality means not just scale, but quality and ambition."

^{Provided by Disney.}