U.S. oil services firm Halliburton Co.
is moving its headquarters and chief executive to Dubai in a move that immediately sparked criticism from some U.S. politicians.
Halliburton said it would maintain its legal registration in the United States and was not leaving Houston, where it was currently based.
But Lesar told reporters: "At this point in time we clearly see there are greater opportunities in the eastern hemisphere than the western hemisphere."
KBR, the engineering and military-services contractor unit that Halliburton is in the process of splitting off, is the Pentagon's largest contractor in Iraq.
KBR has so far booked more than $20 billion in revenues from its work in Iraq and has been the target of several investigations into the company's billing practices. It has also faced complaints from some U.S. lawmakers about the company's close ties to the Bush administration.
This news is stirring up a hornet's nest in the blog world.