Halliburton Moving to Dubai
The Houston Chronicle is reporting today that oil services giant Halliburton will be relocating its corporate headquarters from Houston to Dubai in the United Arab Emirates.
The move was announced by CEO Dave Lesar from an energy conference he is attending in Bahrain. According to an email obtained by the Associated Press, “The chairman, president and CEO will office from and be based in Dubai to run the company from the UAE.”
“As the CEO, I'm responsible for the global business of Halliburton in both hemispheres and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world,” Lesar explained. “Yes, I will spend the majority of my time in Dubai.”
The Chronicle article continues:
Lesar's announcement appears to signal one of the highest-profile moves by a U.S. corporate leader to Dubai, an Arab boomtown where free-market capitalism has been paired with some of the world's most liberal tax, investment and residency laws.
“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,” Lesar said.
That the economy of Dubai is booming is hardly in question. Figures for 2005 show Dubai to be the most vibrant economy in the world.
Dubai's economy grew around 16 per cent in 2005 to be worth an estimated $37 billion according to a statement from the Dubai Department of Economic Development (DED).
This rate of growth is expected to beat that of China, acknowledged to be one of the fastest growing economies in the world today with a growth rate of 8.5 per cent.
According to Mr. Mohamed Ali Alabbar, Director General of the DED, “When compared to $17 billion in 2000, this puts the accumulated annual growth of Dubai's economy in the last decade at among the highest rate of growth in the world.”
As the Chronicle article points out, Halliburton has more than 16,000 of its 45,000 employees, in the Middle East, which accounted for more than 38 percent of Halliburton's $13 billion oil field services revenue in 2006.
The Chronicle article then goes on to link Vice-President Dick Cheney to Halliburton and to more than $2.7 billion in contractor waste and over charging in Iraq.
The move was announced by CEO Dave Lesar from an energy conference he is attending in Bahrain. According to an email obtained by the Associated Press, “The chairman, president and CEO will office from and be based in Dubai to run the company from the UAE.”
“As the CEO, I'm responsible for the global business of Halliburton in both hemispheres and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world,” Lesar explained. “Yes, I will spend the majority of my time in Dubai.”
The Chronicle article continues:
Lesar's announcement appears to signal one of the highest-profile moves by a U.S. corporate leader to Dubai, an Arab boomtown where free-market capitalism has been paired with some of the world's most liberal tax, investment and residency laws.
“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,” Lesar said.
That the economy of Dubai is booming is hardly in question. Figures for 2005 show Dubai to be the most vibrant economy in the world.
Dubai's economy grew around 16 per cent in 2005 to be worth an estimated $37 billion according to a statement from the Dubai Department of Economic Development (DED).
This rate of growth is expected to beat that of China, acknowledged to be one of the fastest growing economies in the world today with a growth rate of 8.5 per cent.
According to Mr. Mohamed Ali Alabbar, Director General of the DED, “When compared to $17 billion in 2000, this puts the accumulated annual growth of Dubai's economy in the last decade at among the highest rate of growth in the world.”
As the Chronicle article points out, Halliburton has more than 16,000 of its 45,000 employees, in the Middle East, which accounted for more than 38 percent of Halliburton's $13 billion oil field services revenue in 2006.
The Chronicle article then goes on to link Vice-President Dick Cheney to Halliburton and to more than $2.7 billion in contractor waste and over charging in Iraq.
posted by HinzSight Team
at 9:51 PM
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