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.
The capital has seen a rise in demand for affordable properties over the last 12 months as cost of living surged, CBRE said in a report.
Prices are expected to fall thanks to increased property sales taxes, stricter mortgage rules and a lack of affordability.
Damac’s 2014 full-year profit was $937 million, up from $641.5 million in 2013, the company said.
Construction of the villa project has already begun and it is due for completion at the end of 2015.
The company, a consortium headed by Dubai firm Emaar Properties and Saudi investors, is building King Abdullah Economic City, a special economic zone near Jeddah.
The Dubai residential bubble has “deflated,” with transaction prices expected to fall up to 10 per cent this year, says JLL.
Dropping oil prices are anticipated to lead to a slowdown in rents and property prices this year, says JLL report.
Under new rules, set to be unveiled in February, it is proposed that rent increases will only allowed at contract renewal.
Home prices in Dubai rose 15 per cent in 2014, with the last quarter seeing sluggish growth, a new report says.
The company’s 2014 annual profit was Dhs281.9 million, up 82 per cent compared to 2013, it said.