Young, 68, and his band Crazy Horse were scheduled to perform Thursday at Park Ha’Yarkon.
“It is with heavy hearts and deep sadness that we must cancel our one and only Israeli concert due to tensions which have rendered the event unsafe at this time,” read a statement from Young’s representative on Sunday.
“We’ll miss the opportunity to play for our fans and look forward to playing in Israel and Palestine in peace.”
Young, whose only performance in Israel was in 1995, promised to make donations to two organizations that provide music lessons to Palestinian and Israeli youth.
It is not yet known if Canadian crooner Paul Anka will go ahead with his July 24 and 26 concerts in Tel Aviv.
Other artists set to do concerts there include Lana Del Rey on Aug. 20 and Lady Gaga on Sept. 13.
Backstreet Boys are due in Ra’anana, Israel for a July 29 concert.
© Shaw Media, 2014