(NEXSTAR) – The Walt Disney Company on Wednesday announced plans to add another theme park to its Experiences portfolio — its seventh in total.

A brand-new resort is set to be developed on Yas Island in Abu Dhabi, United Arab Emirates. This island, occupying around 10 square miles, already features various theme parks, like Ferrari World and Warner Bros. World.

Bob Iger, CEO of the Walt Disney Company, expressed his excitement about this venture, stating, “Announcing plans for a vibrant Disney theme park resort in Abu Dhabi, a place rich in artistic and creative culture, is an exhilarating milestone for our company,” as mentioned in a press release issued on Wednesday.

Contrary to most existing Disney parks, the upcoming Disney park in Abu Dhabi will be managed by Miral, an entertainment company responsible for many Yas Island theme parks, rather than Disney. Disney’s role involves licensing its creative content and providing development and management support, according to a regulatory document accessed by the Associated Press. Disney will not invest any capital into the project but will earn royalties from the project’s revenue along with service fees.

No specific opening date was given for the project.

Few other specific details of the park or its attractions were shared in Wednesday’s press release. Josh D’Amaro, the chairman of the Disney Experiences division, said the park will be “the most advanced and interactive destination in our portfolio,” and hinted that its close proximity to the Persian Gulf will play a role in the “stories” the park hopes to tell.

The press release also mentions that Abu Dhabi’s “futuristic and cultural essence” will inspire some aspects of the resort.

Disney’s announcement comes as the company posted solid profits and revenue in the second quarter: Its domestic theme parks thrived and the company added well over a million subscribers to its streaming service. The company also boosted its profit expectations for the year.

Disney already has six theme parks in its Experiences portfolio, including Disneyland in California, Disney World in Florida, Hong Kong Disneyland, Shanghai Disney Resort, Disneyland Paris and Tokyo Disney Resort. Of those parks, Tokyo Disney Resort, which comprises of Tokyo Disneyland and Tokyo DisneySea, is owned by another company which licenses IP from the Walt Disney Company.

The Associated Press contributed to this report.