Walt Disney has announced plans for a new theme park in the United Arab Emirates (UAE), highlighting the country's transformation into a global financial and entertainment hub.

The coastal resort will be located on Yas Island in Abu Dhabi and will be built in partnership with local firm Miral, Disney said.

The company hopes to attract tourists from "the Middle East and Africa, India, Asia, Europe and beyond."

Disney's announcement came ahead of US President Donald Trump's visit to Saudi Arabia, Qatar and the UAE next week, AFP reported.

Disneyland Abu Dhabi will be the seventh such park since the opening of the first in Anaheim, California, in 1955.

The other parks are in Florida, Tokyo, Paris, Hong Kong, and Shanghai.

The new resort will combine "Disney's famous stories, characters and attractions with the vibrant culture of Abu Dhabi, stunning coastline and breathtaking architecture," the company said in a statement.

The California-based entertainment giant reported a significant increase in quarterly revenue.

The company said total sales rose 7% to $23.6 billion for the January-March period. Subscribers to the Disney+ streaming service grew to 126 million, adding 1.4 million new subscribers.

The increase in subscribers came amid widespread expectations among analysts for a decline.

The Experiences segment, which includes theme parks, reported revenue growth to $8.9 billion. | BGNES