The project features a 410-room hotel and a further 38 villas.
Construction began in May 2007.
The hotel covers 97,000 square metres, including 50,000 square metres of landscaping and is flanked by the sea on two sides.
According to Robert Norton, CEO of Zabeel Properties, the Ottoman Palace, as it will be called, will be constructed in line with the Leadership in Energy and Environmental Design (Leed), the green building rating system.
ZSML, a Turkish contractor who formed a joint venture with Zabeel Investments in 2006, is carrying out the construction. The project is managed by the UK’s EC Harris.