Word: dubai
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...Houston Petroleum Club, now high atop the city's ExxonMobil building, had always been where oil executives and adventurers gathered to discuss "bidness." But these days, more and more energy executives are meeting at the Emirates Golf Club in Dubai, where Tiger Woods recently played, to discuss their deals. So, it shouldn't have been too surprising when Halliburton Chairman and CEO David Lesar announced that he was moving the headquarters of the enormous oil construction and logistics company to the business capital of the United Arab Emirates. The rest of the industry was migrating that way already...
...Many of the city's oil and gas companies have a long symbiotic relationship with the Middle East. Indeed, Emirates Airline announced last month that it would set up daily direct flights between Dubai and Houston by the end of this year. The flights will utilize several of the Emirates' 44 recently purchased Boeing 777s and will come equipped with eight private first-class cabins. But that still places top energy executives 17 hours away from what is becoming the new center of the oil industry. Lesar's move shows Halliburton is aware of business customs in much...
...move, which was greeted as a "powerful statement" by Merrill Lynch industry analyst Alan Lewis, overshadowed a second part of Lesar's announcement: Halliburton stock will be listed on one of the Middle East's stock exchanges. Most analysts believe it will be the Dubai Financial Market. That, says Jaffe, will enable the company to gain access to the vast amount of capital in the region. It also serves a wider purpose: giving regional investors a stake in the stability of global companies. When nationally owned oil companies have been listed on various exchanges, Jaffe says, it has generally...
...known for charging an average of $1,200 a month for lunches and an additional $2,000 to $3,000 for dinners. "The irony," says a witness, "is that he never ate lunch. He used to prefer tofu sandwiches." A witness told the IRS that when Gerber traveled to Dubai on a recent trip, he charged the university the full cost of the trip, despite the fact that his hosts picked...
...first thing Halliburton chief executive David Lesar would need upon re-locating from Houston to Dubai, is a place to live. That won't be easy to find, even with a Texas-sized wallet - when it comes to property bonanzas, Dubai is a 21st century version of the California Gold Rush...