Halliburton to Move Headquarters

The CEO of the oil-services giant will lead the company from Dubai.
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Halliburton (HAL) - Get Report is moving its headquarters from Houston to Dubai.

The oil-services giant announced in a press release Sunday the opening of a corporate headquarters office in Dubai. The release also said that the company's chaiman and CEO, Dave Lesar, would move to Dubai to focus on the oil-rich Middle East and on Asia, where booming economies are driving up demand for energy.

The press release didn't specify whether Halliburton would continue to operate a headquarters office of equal status in Houston, but the

Associated Press

quoted a Halliburton spokeswoman saying that Halliburton's headquarters would be in Dubai while it would maintain a corporate office in Houston.

"The opening of a headquarters in Dubai is the next step in a strategic plan announced in 2006 to focus on expanding its customer relations with national oil companies while concentrating more of the company's investments and resources in growing its business in the Eastern Hemisphere," the Halliburton press release said.

Halliburton shares ended Friday's session up 29 cents at $32.02.