09:24 AM EDT, 10/15/2024 (MT Newswires) -- Sphere Entertainment ( SPHR ) and Abu Dhabi's Department of Culture and Tourism said Tuesday they will collaborate to construct the Sphere venue in Abu Dhabi.

Financial terms weren't disclosed.

The parties said the department will finance the development of the venue and will also pay a franchise initiation fee to Sphere for the right to construct the building.

Shares of the company were 2.9% higher in recent Tuesday premarket activity.

Price: 47.30, Change: +1.31, Percent Change: +2.85