The Metropolitan Opera has struck a deal with Saudi Arabia that is expected to bring in more than $100 million, a move that could secure the company’s future after years of financial turmoil. The agreement, reported by The New York Times and confirmed in a press release from the Met and the Saudi Music Commission, will make the Met the resident winter company of the new Royal Diriyah Opera House starting in 2028.
An institution under pressure
Since the pandemic, the Met has withdrawn about $120 million from its endowment to cover operating costs, reducing the fund from $306 million in 2022 to $232 million today. Its annual budget of $334 million — the largest of any U.S. performing arts organization — has been strained by rising costs, lower attendance, and weaker ticket sales. According to the Times, credit agency Moody’s has downgraded the Met twice this year, lowering its outlook to “negative.”
General Manager Peter Gelb told the Times the Saudi partnership would cover a substantial portion of the Met’s needs through at least 2032, allowing it to stop drawing on its endowment for emergency funds. “It’s the right thing to do, because it will make the Met stronger as an institution, both financially and artistically,” he said.
The agreement
The press release announced that under a Memorandum of Understanding, the Met will perform fully staged operas and concerts in Riyadh each winter for three-week periods over five years. The company will also provide training to Saudi singers, composers, directors, designers, and technicians in New York, and will commission a new opera.
“This collaboration is more than a cultural exchange; it is an opportunity to forge new connections, share our stories through music, and contribute to a vibrant global arts community,” said Paul Pacifico, CEO of the Saudi Music Commission.
Gelb added: “Cultural exchange between countries is essential on a human level, and this plan to collaborate will also provide new avenues of significant support for the Met.”
Saudi ambitions
The Royal Diriyah Opera House, designed by Norwegian architectural firm Snøhetta, is scheduled to open in 2028 as part of the multi-billion-dollar Diriyah development. The project also includes a 20,000-seat arena, internationally recognized museums, more than 40 hotels and resorts, and residential units.
Jerry Inzerillo, Group CEO of Diriyah Company, called the Opera House “a landmark moment in the Kingdom’s cultural journey” and said the partnership with the Met reflects “our vision of building bridges of cultural exchange and offering Saudi talent a world stage to shine.”
Political context
The Times places the deal in the broader frame of Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the economy beyond oil and expand cultural influence. Riyadh has forged partnerships with institutions such as the Paris Opera, the Recording Academy, and the Pompidou Center.
But Saudi Arabia’s record on human rights — including the 2018 killing of journalist Jamal Khashoggi — has led critics to warn against cultural collaborations seen as “art-washing.” Gelb acknowledged those concerns, telling the Times he believed cultural exchange could promote “human understanding and compassionate thinking.”
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