Halliburton, a US oil services company once run by US vice-president Dick Cheney, yesterday announced plans to move its corporate headquarters to Dubai.

Dave Lesar, Halliburton's chairman and chief executive, said the decision reflected the faster growth in oil exploration and production in the eastern hemisphere. "This is already a strong market for Halliburton and we are excited to position the company in this key business area," Mr Lesar said.

Halliburton will maintain an office in Houston but the move will be seen as a blow to the US oil industry. The decision comes amid US concern about its declining share in global capital markets and the growth of financial centres to rival New York.

Goldman Sachs, which generates almost one-half of its revenues outside the Americas, has just moved its chief administrative officer to London, reflecting the growth of its overseas operations. Last year, more than 38 per cent of Halliburton's oil services revenues of $13 billion came from the eastern hemisphere.

Halliburton's move is a further boost to Dubai's growing status. Western companies have been investing heavily in the booming emirate as a centre from which to exploit opportunities in the region.