The vessel will be moored next to the original cruise terminal at Port Rashid and converted into a 300-room luxury hotel while the terminal itself will be developed into a maritime museum.
After being converted, the QE2 will display the ship's collection of art works and other historical assets acquired during its journey of nearly four decades from 1969 to 2008 as one of the world's leading ocean-going cruise liners.
The 293-metre long vessel, which in its heyday could accommodate more than 2,900 people, will add to the attractions it offers as the leading cruise destination in the Middle East.