For the first time in 15 years, the Walt Disney Company has announced the development of a new theme park - a resort destination in Abu Dhabi that marks the company’s entry into the Middle East.

Shares of the company rose nearly 10% in early trading as it posted adjusted earnings per share of $1.45 for the January-to-March quarter.

Walt Disney Co.’s seventh theme park destination will be in the United Arab Emirates, on a relatively new tourist island already packed with amusement parks, a golf course, indoor skydiving and a stadium.