This week, Dubai unveiled its latest megaproject: A stadium in the heart of a super luxe shopping and dining destination. The arena, which will host sports events and concerts, is located in a leisure retail and residential destination called City Walk, which itself is new and was developed by Meraas, a company owned by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum. It’s just one in a pipeline of projects the emirate is churning out in the lead-up to next year’s World Expo in Dubai, despite an economic slowdown and concerns that an oversupply is weighing down real estate prices. “Property is a cyclical business and we are in a period of a soft market,” said Craig Plumb, head of research in the Middle East for JLL, a real estate and investment management firm. Speaking at a real estate exhibition in Abu Dhabi, he noted that retail rents are also falling because landlords are responding to tougher market conditions by being much more flexible in their deals.