Toyota has just introduced a new Century. This is a big deal. The Toyota Century is the most exclusive car in Japan. Introduced in 1967 and named for the 100th birthday of company founder Sakichi Toyoda, the Century defines top-tier Japanese luxury, the kind reserved for heads of state, chief executive officers, and Yakuza bosses. It is so iconic as a status symbol that it is exempt from stringent national restrictions on vehicle and engine size. It cannot even be purchased in a typical dealership, but only at specialized stores, and only by invitation. The emperor of Japan is chauffeured around in a modified Century.
Stately, formal, and very conservative, the model has gone through only two generations in the 50 years since its inception. This is an eon in the automotive world, where a standard car generally lasts just six or seven years. Even the Rolls-RoycePhantom, which evolves at a glacial pace, recently saw generational change after a dozen model years.
Of course, on first glance, you’d be hard pressed to tell the difference between the old Century and the new one. This is intentional. A car with this level of cultural import must be recognized immediately for what it is, and the new car cannot render the old one archaic or irrelevant.
“Tokyo undergoes more trends and fashion movements than probably any [other] city on earth, but there are select things the Japanese respect as tradition,” says Ben Hsu, editor in chief and founder of the authoritative Japanese domestic-market vehicle site Japanese Nostalgic Car. “The Century is one of them. The overall design has remained largely unchanged and immune to the latest styling trends.”
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While it looks remarkably similar to the outgoing car, the third-generation Century actually features all-new bodywork. Look closely, and you will notice that it is slightly more formal in the angle of its front end, slightly more recumbent in the tilt of its windshield, and slightly thicker in its rear pillar, the better to protect the identities of its back-seat occupants (Centuries are most often chauffeured). It is also a smidge longer, wider, and lower, for ease of graceful entry and exit.
Inside, the car remains the same in many ways as well. Why mess with the hushed perfection of textured headliners, hand-knit lace antimacassars and privacy curtains, and expanses of clean-grain wood on the door trim, armrests, and writing table. Also remaining virtually unchanged is the wool velour covering the seating areas. Fabric seats such as these are viewed as far more elegant than leather in Japan, as they’re quieter and don’t heat up or cool down with the climate. A hinged, pass-through opening from the left rear seat to the left front seat remains, another Century heritage feature, allowing pampered back-seat occupants to stretch their legs.
“This is the car of the Imperial Household,” says Masato Tanabe, deputy chief engineer on the Century redesign. “So this is foremost in the designers' minds when they are considering change. A certain amount of stability and externality is required in a vehicle with this use.”
Of course, some concessions have been made to the contemporary era. A large display has been integrated on a raised armature between the rear seats to deliver information and entertainment to the VIP occupants. Another LCD panel in the armrest controls the temperature of the cabin and the reclining and massaging functions of the rear seats. And there’s a screen up front for the chauffeur as well.
“New safety technology from the new Lexus LS has also been included,” Tanabe says. “Again, this is the imperial car, so when VIPs get in the vehicle, you want that person to be assured of safety. That said, there is no real trend in this car to go with high-tech materials. We must stick with the traditional materials and protect the history of the model.”
The Century has always been known for preternatural silence when under way, although the previous-generation car featured a thrusty 12-cylinder powerplant that was unique to the car. It was not offered in any other Toyota vehicle, and no other Japanese car featured such a huge engine. (It was highly taxed in Japan.) In a nod to increased emissions and efficiency regulations, the new car sadly loses the distinctive V12 but features a new hybrid V8 engine. Electric motors, with their stealthy lack of exhaust noise, are well suited to luxury applications.
“We love the V12, but we are not in that era anymore,” Mr Tanabe says. “Even with the Century, we have to start thinking about the environment. This V8 Hybrid is still unique to this model and makes equal or higher output and refinement to the V12.”
While Toyota has had great success selling luxury cars to Americans via its upscale Lexus division, the Century has never been available in the US market. But that hasn’t stopped collectors and obsessives, who mine the internet for automotive unobtainium, from bringing them into the country. While American regulations preclude the import of most contemporary foreign-market vehicles, any car that is more than 25 years old can be brought over with impunity. While this leaves out the 12-cylinder Century II, which was first available only 20 years ago, in 1997, first-generation Centuries from 1992 or before are now fair game, and they have become increasingly sought after.
“The Century is definitely a car worthy of collection, and there are a handful floating around in the US,” says Mr Hsu. “As more Americans become aware of its special place in Japanese society, we’re sure to see more here.”
Brad Phillips is one of those American Century fetishists. Mr Phillips manages private client services for vintage automotive insurance and valuation company Hagerty, working with collectors who have vehicular assets in the more-than-eight-figure range. He owns a slew of British, Italian, and American cars. But he couldn’t be more ecstatic about his Century. So much so that he took his 1985 Century on a 3,100-mile road trip this summer. Despite the complete unobtainability of spare parts, he would do it all over again.
“Everybody goes nuts for it. I don’t care if they’re in a Ferrari or a Camaro. They just want to know what it is because they’ve never seen one before,” Mr Phillips says of the Century’s appeal. “This car is listed for US$12,000, and I paid less than that for it. I don’t know what other car you can buy for the money that has that kind of status and uniqueness.”
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
UAE currency: the story behind the money in your pockets
Profile Idealz
Company: Idealz
Founded: January 2018
Based: Dubai
Sector: E-commerce
Size: (employees): 22
Investors: Co-founders and Venture Partners (9 per cent)
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
