The firm earned QAR2.8 billion for the full year, compared with QAR1.4 billion in the prior year.
Saudi contractor Mohammed Al Mojil Group has not traded on the Saudi bourse since July 2012.
Rents in the emirate have surged more than 50 per cent in the last two years, prompting calls for affordable units in the market.
China Harbour Engineering Company will carry out the marine and infrastructure works for the luxury project.
Arabtec said last March that it had reached agreement with Egypt’s army to build a million homes at 13 locations around the country.
The Jumeirah Village Circle villas project, launched in December 2013, sold for a combined value of Dhs275 million.
The board recommended Dhs0.15 per share to shareholders, the same as the cash payout proposed for 2013.
The contract was awarded to construction firm Al Rostamani Pegel.
The recently launched Town Square project is slated to be completed over 10 years, with phase one set to be ready by end-2017.
The contract was awarded to AIMS Group to develop all road and utility works on the project.
Vida Town Square Dubai will have about 180 rooms and serviced residences and will overlook the central park of the development, which is the size of 16 football fields.
Muhannadi was previously chief executive of QNB Capital, the investment arm of Qatar National Bank, a bourse statement said.
Town Square will feature 3,000 townhouses and 18,000 apartments in addition to retail, hospitality and commercial units.
The development features 479 residences and is located within Dubai Hills Estate.
About 12,000 apartments and over 2,000 villas will be added to the city’s existing inventory in 2015, Asteco said.
The bank’s net attributable profit for the last quarter of 2014 was $106.2 million.
The new projects will be developed by the Wasl Asset Management Group across Dubai.
The much-delayed residential project located in Dubailand is set to deliver first 150 villas in Q2 2015.
The developer said that it appointed five contractors to work on its master developments and hotel apartment projects.
The tower is also the tallest building in Abu Dhabi and is named after Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum.
Emaar made an annual profit of Dhs3.29 billion in 2014, up 28 per cent year-on-year.
The developer reported a 61 per cent jump in quarterly profit.
The company’s annual profit was Dhs2.24 billion in 2014, almost flat compared to Dhs2.25 billion in 2013.
The company said that its Dreamz and Glitz projects are on track to be completed by 2016 and 2017 respectively.
Damac reported a fourth-quarter net profit of $249.8 million, up 11 per cent from the year-ago period.
The emirate fell from the third spot last year to the 13th position on this year’s annual City Momentum Index, released by JLL.
The developer says on track to begin unit handover to buyers from April 2016.
The project mainly comprises of one-bedroom units ranging from 825 square feet to 1,150 square feet.
The villas, located in the Heart of Europe project, are being developed by the Kleindienst Group.
The private developer is looking to open offices in London, Singapore, Riyadh, Doha and Kuwait City by July 2015.