Why did halliburton move to dubai

Lesar's announcement appears to signal one of the highest-profile moves by a U. Dubai is an Arab boomtown, where free-market capitalism has been paired with some of the world's most liberal tax, investment and residency laws. Many new supply projects are in the oil-producing countries of the Middle East, while Asia accounts for most of the rising demand. In contrast, a slide in natural gas prices in the United States has prompted investor concerns that oil and gas companies might cut back spending in North America.

The stock has gained 7 percent in the past month but has slipped 3 percent in the last 52 weeks. Business News Updated. Halliburton HAL, The oilfield services giant said its chief executive, Dave Lesar, will move his office to the Middle East to lead Halliburton's growth efforts in the region.

The shift is part of a strategic plan to focus on expanding relation with state-owned oil companies. The Associated Press quoted Lesar as saying, "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. Yes, I will spend the majority of my time in Dubai.

The move may raise serious national security questions too, as happened last year with the canceled port security contract with another U. Congressional outrage scuttled that deal; Halliburton will now have some explaining to do to avoid similar scrutiny.

Halliburton is already being investigated by different government agencies for various allegations of improper business dealings, and it is in the cross hairs of Democrats in Congress for alleged overbilling. We'll notify you here with news about.