New York, United States. The Metropolitan Opera in New York reported Thursday that an important alliance with Saudi Arabia, which represented a potential source of key funds to meet your financial requirements.
In September, the 143-year-old New York opera house announced a project under which it would perform annually in Saudi Arabia and provide artistic training in exchange for financial support.
“As a result of the current economic situation in Saudi Arabia, the Metropolitan Opera’s planned agreement with the Saudi Minister of Culture has been cancelled,” it said in a statement.
The alliance “would have provided a significant new source of revenue at the Metropolitan Opera,” he said.
Although the financial terms of the agreement were not disclosed, the project would have provided up to $200 million to the institution, according to the New York Times.
New York’s Metropolitan Opera faced downgrades in its credit rating last year due to operating deficits.
Peter Gelb, general manager of the Metropolitan Opera, told the New York Times that the Saudis withdrew from the agreement due to the war in the Middle East, which has hit their economy due to the losses caused by the closure of the Strait of Hormuz.
The institution indicated that “it will soon launch a public fundraising campaign, while it looks for other sources of income and cuts expenses,” and ruled out that presentations will be canceled.
