A UAE developer is build a gigantic Venetian-themed floating resort off Dubai’s shores at a cost of Dh2.5 billion ($680.4 million).

The resort will be known as The Floating Venice and located in The World, an archipelago of man-made islands lying 4 km off the coast of Dubai.

The Floating Venice will have 414 cabins, 12 restaurants and bars, 24 pools, floating beaches, shops and entertainment spread over four decks, one of which will be underwater.

The resort is being built by the Kleindienst Group, which is also developing The Heart of Europe islands and luxury underwater homes called The Floating Seahorse, at The World.

The Floating Venice will a capacity of up to 3,000 guests daily.

Guests will arrive by boat, seaplane or helicopter to the main Piazza San Marco to an underwater lobby.

Gondolas imported from Venice will transport guests to their cabins through the winding canals, or alternatively a short stroll through walkways and bridges will take them to their cabins.

There will be 414 cabins over four decks, one of which is underwater giving spectacular views of the coral reefs below and passing gondola above.

The resort will have a plethora of boutique hospitality spots and traditional artisanal shops and will also celebrate traditional Venetian festivals such as the Carnivale di Venezia, Binnale di Venezia and the Festa del Rendentore.

Some of the resrot’s 24 pools will have acrylic bases giving views of the coral reefs below and over 400,000 sq ft of coral will be planted around the resort.

Other attractions include 12 floating beaches scattered across the resort, a collection of 12 restaurants and bars, three of which are underwater, and an underwater spa.

"As a developer our vision supports and aligns with Dubai's ambition to be a leading global destination and home of innovation as the world's most forward-thinking city,” says Chairman Josef Kleindienst. “I am extremely excited and proud of The Floating Venice. Our aim is to enhance the landscape of real estate and hospitality and deliver a new iconic experience. The Floating Venice is the epitome of this innovation and spirit, the world's first luxury underwater vessel resort.”

The Floating Venice will be built using the same technology developed for The Floating Seahorse.

Constructed from a mixture of concrete for the underwater sections and marine lightweight materials for the upper decks, the resort is designed to last at least 100 years.

Construction is scheduled to begin in in the first quarter of 2018 with completion by late 2020.