A near carbon copy of the infamous Titanic liner will soon hit the open waters in 2022 after years of financial setbacks and a cost of $500 million.

Titanic II is the brainchild of Australian billionaire Clive Palmer, who made his estimated $5.2 billion fortune in real estate and mining.

"It will be every bit as luxurious as the original Titanic, but ... will have state-of-the-art 21st century technology and the latest navigation and safety systems," Palmer said in a statement. He deemed the project "a tribute to the spirit of the men and women who worked on the original Titanic," Palmer announced in 2012.

Of course, this being a modern vessel, not everything will be like it was in 1912. For starters, those dirty and environmentally damaging coal-burning engines will be replaced with cleaner diesel-powered engines. The ship will still have four smoke stacks, but they'll be for purely decorative purposes (like the original fourth funnel was on Titanic).

The other big changes will happen below the waterline, with welding rather than rivets, a bulbous bow for greater fuel efficiency, and an enlarged rudder and bow thrusters for increased maneuverability.

The maiden voyage is scheduled to set sail from Dubai to Southampton, England (the port city the original Titanic set sail from on April 10, 1912) and will head on towards New York City. The liner will hold the same number of passengers (2,400) and crew (900), and yes there will be plenty of lifeboats and jackets for everyone on board.

"The ship will follow the original journey, carrying passengers from Southampton to New York," Palmer told MSN, "But she will also circumnavigate the globe, inspiring and enchanting people while attracting unrivaled attention, intrigue and mystery in every port she visits."

Editor's note: This article has been updated since it was originally published in April 2012.

Michael d'Estries ( @michaeldestries ) covers science, technology, art, and the beautiful, unusual corners of our incredible world.

Titanic II to set sail in 2022
Complete replica of the doomed ship to feature state-of-the-art technology and enough lifeboats for everyone.