A Disney-affiliated investment firm and a leading Israeli cinema chain have announced plans to build a US$168m amusement park and 25-screen multiplex cinema in the state’s largest port city, Haifa.

According to reports, Shamrock Holdings, a group founded by Disney family tycoon Roy Disney that maintains intimate ties with the Walt Disney Company, has partnered with leisure operator New Lineo Cinemas Israel to develop the new destination.

"The project, which is still in its development stages, reflects our goal of providing quality entertainment for the people of Israel," said New Lineo Deputy CEO Avi Edery.