ABU DHABI — The Walt Disney Company announced on Wednesday plans to open its seventh global theme park, and its first in the Middle East, in the United Arab Emirates.

The waterfront resort will be built on Yas Island in Abu Dhabi, already a major tourism hub home to attractions including the Formula One Abu Dhabi Grand Prix, Ferrari World, Warner Bros. World, SeaWorld, and a major waterpark.

The new theme park will be developed in partnership with Abu Dhabi-based developer Miral, which will oversee construction and operations.

Disney will lead the design and development while licensing its intellectual property and providing management services.

According to a regulatory filing, Disney will not provide capital for the project but will earn royalties based on the resort’s revenues, in addition to service fees.

Abu Dhabi, the UAE capital, has focused heavily on cultural and tourism development in recent years. While traditionally seen as more conservative than neighboring Dubai, the city is home to institutions such as the Louvre Abu Dhabi and has several museums under construction.

The announcement comes ahead of a visit by U.S. President Donald Trump to the Gulf region next week, during which he is expected to announce a series of business deals with Saudi Arabia, Qatar, and the UAE.

The California-based entertainment giant revealed the project on the same day it reported better-than-expected second-quarter earnings. Shares of Disney jumped more than 9% in early trading.

A projected opening date for the Abu Dhabi park has not yet been announced. — Agencies