Iger, in an interview with CNBC’s David Faber on Wednesday, said imagineers have already begun designing the park. He declined to specify when the company expects the park to open. “We’re not pinning down a date yet,” he said. “It typically takes us between 18 months and two years to design and fully develop and approximately five years to build but we’re not making any commitments right now.” The announcement came after Disney reported a top- and bottom-line beat for its fiscal second quarter, with its experiences business — including parks, cruises and resorts as well as consumer products — reporting 6% year-over-year revenue growth.

The Walt Disney Company announced a plan to build a new Disney theme park in Abu Dhabi, United Arab Emirates, in partnership with Miral. The waterfront theme park resort will be located on Yas Island, which is known for its entertainment and leisure offerings like Ferrari World and Warner Bros. World. This will be the seventh Disney theme park resort, and will showcase Disney storytelling combined with Abu Dhabi’s culture and iconic architecture.

Disney is set to open a theme park and resort in Abu Dhabi — its seventh location and first in the Middle East, the entertainment giant announced on Wednesday. The park will be situated on Yas Island, already a notable leisure destination in the United Arab Emirates that includes prominent attractions such as Ferrari World, Warner Bros. World and SeaWorld Abu Dhabi. The area also boasts the Yas Marina Circuit, famous for hosting Formula 1 events. Miral will shoulder the entire cost of the development and construction, while Disney will oversee the creative design, using its renowned imagineering team. Miral will also build and operate it the complex while the House of Mouse will provide operational oversight once the park is open.