Rak Properties has launched Cape Hayat, a 668 residential development project on Hayat Island in Mina Al Arab, according to a press release.

The new scheme will be built in accordance with the Barjeel Green Initiatives to back the RAK Energy Efficiency and Renewable Energy Strategy 2040.

The development project will focus on integrating nature into the communal areas, responsibly using scarce water resources, and saving energy across the four towers.

Cape Hayat spans 22,854 square metres and will include four designed residential towers, two of which will be 20 stories high towers and the two others will be nine stories.

Sameh Muhtadi, CEO of RAK Properties, said: “We are launching Cape Hayat to cater to the significant demand for quality homes in prime destinations in Ras Al Khaimah.”

“We have witnessed increased investor sentiment for premium homes that embody the epitome of luxury and elegance, underscoring the untapped potential and allure of this segment,” Muhtadi added.

In the first half (H1) of 2023, Rak Properties generated net profits valued at AED 88.18 million, higher year-on-year (YoY) than AED 25.55 million.

Revenues hiked to AED 511.63 million in H1-23 from AED 193.99 million in H1-22, while the basic and diluted earnings per share (EPS) increased to AED 0.04 from AED 0.01.

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