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.

The Walt Disney Company announced its seventh theme park on Wednesday. It will be built on Yas Island in Abu Dhabi.

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