This partnership was to bring more than 200 million dollars over several years, in exchange for regular performances in Riyadh.
The Metropolitan Opera (Met) announced Thursday the failure of a major partnership with Saudi Arabia due to the context of war in the Middle East, depriving the New York institution of a source of strategic financing in a period of strong budgetary tensions.
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Unveiled in September, the project provided for annual Met performances in Saudi Arabia as well as artistic training programs, in exchange for substantial financial support. But “Due to the current economic situation in Saudi Arabia, the agreement that the Metropolitan Opera was considering entering into with the Saudi Ministry ofCulture a été annulé »declared the institution in a press release, specifying that this partnership “would have constituted a significant new source of revenue for the Metâ€. According to the New York Times, the deal could have been worth up to $200 million, although financial terms were never made public. The director general of the Met, Peter Gelb, explained to the American daily that the Saudi withdrawal was linked to the economic repercussions of the war in the Middle East, in particular on oil exports.
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This announcement comes as several media outlets reported that the Saudi sovereign wealth fund would also consider ending its support for the LIV Golf golf circuit at the end of the current season. The Metropolitan Opera has indicated that it will launch “A public fundraising campaign coming soon”while continuing its efforts to reduce expenses. “No performances at the Met are canceledâ€however assured the institution.
