Brazil's newly inaugurated president Jair Bolsonaro said on Tuesday his election had freed the country from "socialism and political correctness," as he vowed to tackle corruption, crime and economic mismanagement in Latin America's largest nation.
Mr Bolsonaro, a former army captain turned lawmaker who openly admires Brazil's 1964-1985 military dictatorship, promised in his first remarks as president to adhere to democratic norms, after his tirades against the media and political opponents had stirred unease.
While investors hope Mr Bolsonaro's free-market stance will reinvigorate Brazil's economy – the eight largest in the world – environmentalists and rights groups are worried he will roll back protections for the Amazon rain forest and loosen gun controls in a country that has the world's highest number of murders.
"This is the beginning of Brazil's liberation from socialism, political correctness and a bloated state," Mr Bolsonaro, 63, said in an address to the nation made after he donned the presidential sash.
A seven-term congressman who spent decades on the fringes of Brazilian politics, Mr Bolsonaro was swept to power in October by voters' outrage with traditional political parties, making him Brazil's first right-wing president since the dictatorship.
Voters punished mainstream parties following more than four years of graft investigations that laid bare the largest political corruption scheme. Centrist parties were trounced reshaping Brazil's political landscape.
Following a knife attack during the presidential campaign that left Mr Bolsonaro hospitalised for weeks, security was tight for his inauguration. Some 10,000 police officers and soldiers were deployed on the streets of Brasilia, the capital, as Mr Bolsonaro and his wife rode in an open Rolls-Royce to Congress.
His voters are now impatient for Mr Bolsonaro to make good on ambitious promises to tackle graft, violent crime and revive an economy still sputtering after the collapse of a commodities boom led to Brazil's worst recession on record.
As thousands of supporters, many draping themselves with the national flags, chanted "the captain has arrived," Mr Bolsonaro launched into a fiery speech.
"We have the great challenge of taking on the effects of an economic crisis, of facing the distortion of human rights and the breakdown of the family," he said. "We must urgently end ideologies that defend criminals and penalise police."
Mr Bolsonaro, who was sworn in before a joint session of Congress, called on lawmakers to help him "free the nation definitively from the yoke of corruption, crime, economic irresponsibility and ideological submission."
On the economic front, the new leader promised to open foreign markets for Brazil and enact reforms to reduce a yawning budget deficit, putting government accounts on a sustainable path.
Mr Bolsonaro plans to realign Brazil internationally, moving away from developing-nation allies and closer to the policies of Western leaders, particularly US President Donald Trump, who sent Secretary of State Mike Pompeo to his inauguration.
Mr Trump congratulated Bolsonaro in a Twitter message, writing "The USA is with you".
As a clear sign of that diplomatic shift, Mr Bolsonaro plans to move the Brazilian embassy in Israel from Tel Aviv to Jerusalem, breaking with Brazil's traditional support for a two-state solution to the Palestinian issue.
Backed massively by conservative sectors of Brazil, including Christian evangelical churches, Mr Bolsonaro would block moves to legalise abortion beyond even the current limited exceptions and remove sex education from public schools, opposing what he calls "cultural Marxism" introduced by recent leftist governments.
One-third of his Cabinet are former army officers, mostly fellow cadets at the Black Needles academy, Brazil's West Point, all outspoken backers of the former military regime.
Mr Bolsonaro has faced charges of inciting rape and for hate crimes because of comments about women, gays and minorities. Yet his law-and-order rhetoric and plans to ease gun controls have resonated with many voters, especially in Brazil's booming farm country.
In an interview with Record TV on the eve of his inauguration, Mr Bolsonaro lashed out at Brazil's notorious bureaucracy, which makes doing business difficult and expensive. He vowed to strip away the so-called "Brazil Cost" that hamstrings private enterprise.
"The government machine is really heavy," he said. "There are hundreds of bureaucratic governing bodies across Brazil, of regulators as well. ... We have to untangle the mess."
Mr Bolsonaro's vow to follow Trump's example and pull Brazil out of the Paris climate change agreement has worried environmentalists. So have his plans to build hydroelectric dams in the Amazon and open up to mining the reservations of indigenous peoples who are seen as the last custodians of the world's biggest forest.
Brazilian businesses are eager to see Mr Bolsonaro take office and install a team of orthodox economists led by investment banker Paulo Guedes, who has promised quick action in bringing Brazil's unsustainable budget deficit under control.
Mr Guedes plans to sell as many state companies as possible in a privatisation drive that he forecasts could eventually bring in up to 1 trillion reais ($257 billion).
That would help restore order to government finances. The key measure, however, for reducing the deficit and stopping a dangerous rise of Brazil's public debt will be the overhaul of the costly social security system.
Pension reform will be Mr Bolsonaro's biggest challenge since he has yet to build a base in Congress, where he has eschewed the political horse-trading that traditionally helped Brazilian presidents govern the nation of nearly 210 million people.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Killing of Qassem Suleimani
Oppenheimer
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
more from Janine di Giovanni
UAE currency: the story behind the money in your pockets
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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Golden Shoe top five (as of March 1):
Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Sweet%20Tooth
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
INFO
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
