Halliburton Company, the energy services giant and controversial defense contractor, has recently revealed that it is opening of a corporate headquarters office in the United Arab Emirates. The announcement was made at a regional energy conference in the Kingdom of Bahrain. According to the reports Halliburton Chairman, President and Chief Executive Officer Dave Lesar will move to Dubai to guide the company’s efforts in growing Halliburton’s business in the Eastern Hemisphere.
The Texas-based company, which was led by Vice President Dick Cheney from 1995-2000, preferred to remain shut on the question whether the decision was motivated by tax implications. Halliburton is planning to be listed on a Middle East bourse once it shifts to Dubai, which is a booming commercial center in the Gulf.
While speaking at the energy conference in neighboring Bahrain Chief Executive Dave Lesar said, ‘The Eastern Hemisphere is a market that is more heavily weighted toward oil exploration and production opportunities, and growing our business here will bring more balance to Halliburton’s overall portfolio.’
In its official communique the company has stated that the decision to move headquarter is part of a strategy to shift business outside North America, which provided 55 percent of Halliburton profit last quarter, and to encourage national oil companies that pump most of the oil in the Middle East. Moreover, the company has decided to keep a corporate office in Houston, where it has its headquarters at present, but would remain legally registered in the U.S.
The company however, evaded the questions pertaining to how many of its nearly 12,000 employees in Houston would be affected or when the shift would occur. However, Halliburton’s move is another boost to Dubai’s growing status as an international business and financial centre.
