Saudi Arabia is set to cancel next year’s Joy Awards as financial pressure and the Iran war weigh on the kingdom’s developing entertainment industry. Held each January, the ceremony has become a centerpiece of Riyadh’s events calendar, attracting performers such as Katy Perry and Robbie Williams and presenting awards in music, entertainment and sport. The event is organized by the General Entertainment Authority and MBC Group. Budget reductions were already affecting the sector before the war, which has complicated Crown Prince Mohammed bin Salman’s Vision 2030 effort to position Saudi Arabia as a destination for tourism and global events. Other projects have been scaled back or postponed, including The Line at NEOM, a planned 100-mile (161 km) steel-and-glass tower, and a $50 billion steel-and-metal cube in Riyadh. The government has withdrawn funding from LIV Golf after spending more than $5 billion on the startup, while plans for NEOM Stadium, a major venue project for the 2034 FIFA World Cup, are being quietly shelved, according to people familiar with the matter. The Red Sea Film Festival has been postponed until 2027, and the Soundstorm festival was canceled for December, although organizers said it would return next year. Events linked to investment and Saudi Arabia’s international profile, including the Future Investment Initiative at the end of this month, remain scheduled. The changes reflect a reprioritization of spending as Gulf governments weigh international visibility and soft power against other national priorities.