{"id":107907,"date":"2026-04-26T00:00:00","date_gmt":"2026-04-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=107907"},"modified":"2026-04-26T03:08:46","modified_gmt":"2026-04-26T03:08:46","slug":"this-morning-no-more-met-opera-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/04\/26\/this-morning-no-more-met-opera-investment\/","title":{"rendered":"THIS MORNING: No more Met Opera investment?"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> This week is off to a relatively busy start, with the annual Vision 2030 report giving us a comprehensive view on how the national strategy progressed in 2025 \u2014 and what to look out for in its third and final phase. The report matches up with the messaging from the PIF, signaling the private sector can expect to be \u201ccrowded in\u201d until the end of the decade, particularly with PPP projects in the pipeline.<\/p>\n

PLUS- We have the latest non-oil export data from Gastat<\/strong>, which we break down in full in the news well, below. <\/p>\n

<\/a> <\/p>\n

Meet EnterpriseAM MENA+, our new flagship newsletter<\/strong> covering the flows of capital, people, and ideas across the Middle East \u2014 and beyond it.<\/p>\n

MENA+ covers AI and tech \u2014 and geopolitics, the war for talent<\/strong>, which BSD is on top (and who's gunning for them), the changing energy economy, new corridors to India and China, and much, much more.<\/p>\n

What\u2019s with the \u201c+\u201d in MENA+? <\/strong>We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation.<\/p>\n

Tap or click here to get your own copy<\/a><\/strong> delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 10am Egypt.<\/p>\n

Watch this space<\/p>\n

<\/a> INVESTMENT \u2014<\/strong> The government withdrew from a preliminary agreement that <\/strong>would have provided up to USD 200 mn to the Metropolitan Opera over eight years<\/strong>, the New York Times<\/a> reports. The arrangement, announced in September, had also envisaged a three-week annual Met residency at the Royal Diriyah Opera House. The Met now faces a USD 30 mn funding gap this fiscal year ending July 31, with further shortfalls likely after losing expected Saudi support tied to post-pandemic recovery.<\/p>\n

\u201cEssentials-only\u201d policy reshapes priorities:<\/strong> Still a non-binding MoU and never finalized, the agreement was ultimately shelved after Saudi officials cited economic disruption linked to the war in Iran and a move to prioritize \u201cessential\u201d projects, with the Met pact falling outside that scope, Met General Manager Peter Gelb said. <\/p>\n

Why it matters: <\/strong>The Met exit is another indicator of the Kingdom\u2019s domestic prioritization, with the PIF\u2019s new five-year strategy<\/a> shifting to deploy 80% of capital locally and overseas allocations now limited to 20%, the focus has moved to projects that deliver financial returns or industrial value like infrastructure, tech, and aerospace over prestige projects like the Met.<\/p>\n

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<\/a> DEFENSE \u2014 More security talks with Ukraine:<\/strong> Crown Prince Mohammed bin Salman met Ukrainian President Volodymyr Zelenskyy in Saudi Arabia for the second time within a month to advance a security pact covering Ukrainian defense expertise and air defense, alongside energy and food security cooperation, according to a statement<\/a>. The push builds on a March framework agreement<\/a> that set the stage for joint investment, technology exchange, and defense procurement.<\/p>\n

Why it matters:<\/strong> Ukraine offers the Kingdom a cost-effective alternative to expensive US-made interceptors by providing battle-tested drone technology that significantly reduces defense costs to USD 2k per unit from USD 3 mn. Kyiv also brings four years of frontline experience in exchange for the Gulf funding it hopes to secure, while shifting US priorities strain global munitions stockpiles.<\/p>\n

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Sports<\/p>\n

Meet our new head coach: <\/strong>Georgios Donis has been officially appointed as the Saudi national team\u2019s head coach until July 2027, replacing Herv\u00e9 Renard<\/a> less than two months before the World Cup in North America, the Saudi Arabian Football Federation said on X<\/a>. The former Greece international most recently managed Al Khaleej and has been involved in Saudi football since 2021.<\/p>\n

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Another Asian Champions League title under our belt:<\/strong> Al Ahli successfully defended its AFC Champions League Elite title yesterday, after a showdown with Japan\u2019s Machida Zelvia. A goal earned in extra-time settled the game at 1-0, securing Al Ahli\u2019s win.<\/p>\n

And speaking of the league:<\/strong> We will take up five spots in the league starting next season following the Asian Football Confederation\u2019s decision<\/a> to increase the number of participating clubs to 32. We will have three automatic berths, up from two, and two playoff spots. <\/p>\n

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<\/a> Surj <\/strong>to partner with US partners for sports + entertainment operations JV:<\/strong> The Public Investment Fund\u2019s Surj Sports Investment is in talks with ticketing giant Live Nation and sports developer Oak View Group to establish a JV, Radia, to operate and promote entertainment and sports events in the Kingdom, people familiar with the matter told Semafor<\/a>. <\/p>\n

Radia is expected to focus on promoting Saudi-hosted music events to global audiences and may extend to sports tournaments<\/strong>, operating a network of arenas and stadiums across the country. The agreement is potentially set to be announced next month. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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***<\/strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n

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***<\/strong><\/p>\n

\n

The big story abroad <\/p>\n

Shots fired: <\/strong>President Donald Trump was uninjured and quickly escorted out following reports of shots fired at the White House correspondents' dinner, where he was due to speak, the New York Times<\/a> reports. The story is still developing as we\u2019re hitting send, but the suspect is in custody and no injuries were reported from the attack. <\/p>\n

US-Iran peace talks have faced another setback<\/strong>, after Trump canceled<\/a> a scheduled visit by two envoys to Islamabad yesterday. Trump cited \u201cinfighting and confusion\u201d within Tehran\u2019s leadership, suggesting that internal political instability is preventing diplomatic headway. Meanwhile, Iran\u2019s Foreign Minister Abbas Araghchi had a \u201cfruitful\u201d sitdown with Pakistani officials in Islamabad, and questioned whether Washington is \u201ctruly serious about diplomacy,\u201d he said in a social media post<\/a>.<\/p>\n

Sounding the alarm over the alleged theft of US intellectual property<\/strong>, the US State Department has pointed the finger at Chinese firms, including AI startup DeepSeek, according to a diplomatic cable seen by Reuters<\/a>. Washington alleges that these firms are doing away with security protocols and bias safeguards after seizing the US\u2019 proprietary AI models. The Chinese Embassy in Washington has rejected the accusations as baseless.<\/p>\n

More layoffs in the tech world: <\/strong>Tech giants Meta and Microsoft have laid off<\/a> some 20k jobs late last week, which coincides with the firms\u2019 spending of USD hundreds of bns on their AI infrastructure. This has prompted some economists and industry experts to warn of an AI-related labor shortage, as some estimates place the number of tech workers laid off this year at 92k. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Meet our new national coach<\/p>\n","protected":false},"author":1,"featured_media":107908,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[2419,10,2689,154,8,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-107907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-capital-markets","tag-enterpriseam-ksa","tag-investment","tag-pif","tag-sports","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6f1feb96-85cb-48d7-839d-09c238327dee","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/4\/1284.jpg","photo_position":"above","homepage_title":"","full_issue_title":"No more Met Opera investment?","related_issue":[107905],"teaser":"PLUS: Meet our new national coach"},"yoast_head":"\nTHIS MORNING: No more Met Opera investment? 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