This is a story involving balloonist Phinny Fogg. He and reporter teenagers Jenny and Hoppy set out on a globetrotting adventure to travel around the world in 79 days and beat the original record set by Phinny's father. The trio are in competition for both the record and a £1,000,000 prize against the sinister Crumden. Crumden is aided by his idiotic chauffeur Bumbler and his pet monkey Smirky.
The race is on, with Phineas' first destination being in Paris, but Crumden has a sneaky scheme to try and get Phineas locked up at Paris.
Phineas and his friends are forced to make an emergency landing in the Swiss Alps when Crumden's monkey, Smikry, douses their hot air balloon with freezing water.
Crumden lures Phineas and his friends away from their hot air balloon, leaving them stranded in the middle of the Arabian Desert.
While taking a break from their 'round the world journey in Madrid, Spain, the trio has their balloon and map stolen by Crumden, resulting in a desperate chase through the ancient city to recover their property and get back in the race.