A company under Dubai-based investment group Al Ghurair would build a storage facility in Vietnam to hold between 1.5 million and 2 million tonnes of petrol and oil products, a Vietnamese government report said.

Al Ghurair Commodities would open a subsidiary in Vietnam and use the storage to supply fuel to neighbouring countries, Chief Executive Officer Saeed Saif Al Ghurair was quoted in the Vietnamese government report late on Monday as saying.

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Rents in some areas of Sharjah have risen 2 per cent over the second quarter of 2011 despite a power cuts, petrol problems and a growing exodus of tenants to Dubai.

Quoting officials from real estate firm Asteco, Gulf News reported that rents for studio apartments in Al Khan and Corniche have climbed up to Dh25,000 though prices have fallen in other areas of the emirate. Office rents in the two areas also saw an increase by 5 per cent.

However, the growing exodus to Dubai, where the rents dipped further, continues even as tenants are prepared to pay the premium to be closer to their work places.

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