This Tuesday, April 16, 2019 photo shows the Coca Cola Arena in front of world tallest building, Burj Khalifa, in Dubai, United Arab Emirates. Dubai unveils its latest mega-project, a stadium and arena in the heart of a super luxe shopping and dining destination, even as the economy slows down and thousands of jobs are being axed across the emirate. (AP Photo/Kamran Jebreili)

Dubai arena is latest project unveiled despite weaker growth

April 18, 2019 - 2:15 pm

DUBAI, United Arab Emirates (AP) — Dubai unveiled its latest megaproject this week: 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.

Dubai's major developers, like Meraas, Emaar and Nakheel, have plans for new cities, neighborhoods, malls, skyscrapers and fantastical concepts like floating homes with floor-to-ceiling glass rooms.

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