(the following description is from Amazon.com)
Directed by Oscar-winning animator Richard Williams (Who Framed Roger Rabbit), The Thief and the Cobbler began production in 1968, so it actually predates 1992's Aladdin. Also known as The Princess and the Cobbler and Arabian Knight, Fred Calvert completed the film after Williams lost the rights to his dream project.
The haunting opening narration (spoken by Shakespearian actor Sir Felix Almyer) began the film:

"It is written among the limitless constellations of the celestial heavens and in the depths of the emerald seas and upon every grain of sand in the vast deserts that the world which we see is an outward and visible dream of an inward and invisible reality.

Once upon a time there was a golden city. In the centre of the golden city atop the tallest minaret were three golden balls. The ancients had prophesied that if the three golden balls were ever taken away harmony would yield to discord and the city would fall to destruction and death.

But... the mystics had also foretold that the city might be saved by the simplest soul with the smallest and simplest of things.

In the city there dwelt a lowly shoemaker... who was known as Tack the Cobbler. Also in the city... existed a Thief... who shall be nameless."

Narrated by Matthew Broderick (replacing Sean Connery) as Tack the Cobbler, the story takes place in ancient Baghdad. When Tack upsets Zigzag the Vizier (Vincent Price), the wizard drags him off to the royal castle, where Princess Yum Yum (Jennifer Beals) falls for the bashful boy and saves him from execution. Unfortunately, Zigzag plans to marry the princess in order to succeed her father, King Nod (Clive Revill). The Thief (Jonathan Winters), meanwhile, is more interested in gold than love and takes off with the protective orbs topping the palace. Together Tack and Yum Yum attempt to retrieve them in order to prevent Zigzag and the One-Eye army from conquering the city. Despite the fanciful hand-drawn animation, which borders on Yellow Submarine-style surrealism--a film with which Williams was involved--the finished full-screen product represents a compromised version of his original widescreen concept. The added dialogue and songs, which have a generic bent, make for an awkward fit with Williams' more distinctive work. Rife with intricate patterns and M.C. Escher-like optical effects, his intended audience was adults rather than kids. Still, The Thief and the Cobbler is a must-see for the inventive material that remains. --Kathleen C. Fennessy

Product Description
Filled with exotic locales, captivating music and an all-star cast, this enchanting animated adventure is sure to delight the entire family. In the ancient city of Baghdad, a shy shoemaker named Tack (Matthew Broderick) falls deeply in love with the adventure-loving Princess Yum-Yum (Jennifer Beals). When the evil wizard Zig-Zag threatens to destroy their beloved city, it’s up to Tack and the Princess to defeat his nefarious plot and save their home from destruction. Directed by Academy Award®-winning animator Richard Williams (Who Framed Roger Rabbit?), the magic of ARABIAN KNIGHT will steal your heart!