DAVOS, Switzerland: Brazil’s new president, Jair Bolsonaro, threw out the welcome mat for big business and major investors on Tuesday, telling a summit of CEOs at the World Economic Forum in Davos that his government would make the country one of the top 50 in which to do business.
Bolsonaro said he would work to open up Brazil’s relatively closed economy, reduce and simplify taxes, privatise assets and give his new justice minister the tools to tackle corruption and organized crime.
The newly-elected Brazilian president told the audience that he was “moved and honored” to be addressing the good and the great at Davos, calling the forum an opportunity to show the world a revamped Brazil that he was building.
“I want to introduce to all of you the new Brazil we are building,” he said. “We are committed to changing our history.”
He reassured political and business leaders in attendance that his government has the credibility and the tools required to reform his country.
Big investment to turn Brazil into a global tourist destination was the main thrust of Bolsonaro’s speech. But given the importance placed on climate change and protecting the natural world, he was keen to point out that he would strive to preserve the environment while developing the economy — saying policies on the two “should go hand-in-hand.”
Bolsonaro surfed a populist wave last year to ride to power, vowing an end to rampant corruption and a restoration of law and order in Brazil.
But staging his first foreign trip as president, Bolsonaro has left behind a scandal about suspicious payments involving his politician son Flavio Bolsonaro, who denies any wrongdoing.
Focusing instead on a pro-business message at the WEF, Bolsonaro told his well-heeled audience that he was determined to open up Brazil’s economy.
Jair Bolsonaro uses WEF platform to sell a ‘new Brazil’ to Davos elite
Jair Bolsonaro uses WEF platform to sell a ‘new Brazil’ to Davos elite
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
