Could a Disney vacation in Abu Dhabi be a bargain compared with the American equivalent? Travelers may think of the Middle Eastern destination as a place of unbridled luxury, replete with Michelin-starred restaurants and hotels whose rates can run as high as $1 million per week.

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.

CEO Bob Iger said the company's "imagineers" have already started designing the park, but he declined to say when it would open.