Saudi Arabia withdraws potential US$200 million funding from NY Met Opera, citing war economy

The Saudi Arabian government has canceled a potential US$200 million funding deal with New York's prestigious Metropolitan Opera, citing economic strain caused by the war with Iran and a resulting shift toward prioritizing domestic spending.

The decision was communicated to the Met's leadership during a Zoom call on Tuesday, marking a significant reversal of the kingdom's recent high-profile investments in Western cultural institutions. 

According to the Met's general manager, Peter Gelb, Saudi officials explained that they are now focusing exclusively on projects deemed "essential," and the arts partnership unfortunately no longer falls into that category.

The ambitious deal, first reported last September, would have provided the Met with a crucial financial injection over the next eight years.

In return, the opera company was expected to hold a three-week residency each February at the new Royal Diriyah Opera House, a massive 20,000-seat venue currently under construction near Riyadh at a cost of US$1.4 billion. The partnership also included a commitment for the Met to help train a new generation of Saudi musicians, singers, and set designers.

This move follows other signs that Saudi Arabia may be scaling back its international spending. 

Recent reports suggest the kingdom's Public Investment Fund, which manages over US$900 billion in assets, is also considering reducing its investment in the LIV Golf tournament, potentially for similar reasons related to the economic impact of the war.

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