Abu Dhabi has been trying to differentiate itself as a travel destination from neighboring Dubai in the UAE, an energy-rich federation of seven sheikhdoms on the Arabian Peninsula.
The UAE is also preparing to open the first casino in the country. While the only one currently under construction is in the emirate of Ras al-Khaimah, other sheikhdoms in the country are believed to be actively considering having their own.
Sphere is the brainchild of James Dolan, the executive chair of Madison Square Garden and the owner of the New York Knicks and Rangers.
Stock in Sphere closed more than 6% higher Tuesday on the New York Stock Exchange to 48.91 dollar a share. That’s a major boost after Benchmark last month downgraded Sphere Entertainment to “sell” over “concerns over the Sphere’s “scalability, high production costs and a potentially underwhelming profitability outlook.”
Meanwhile, some projects in the UAE have failed to be built or been delayed for years after being announced in economic downturns.
Trademark filings show Sphere Entertainment Co. trademark filings made as well in Japan, Oman and Qatar, though there’s no announced plans for similar venues. Companies often protectively trademark their names in other markets without necessarily having business there.
