• The new Toyota Veloz juggles fuel economy with practicality and comfort. All photos: Toyota
    The new Toyota Veloz juggles fuel economy with practicality and comfort. All photos: Toyota
  • Eye of the Veloz
    Eye of the Veloz
  • The Veloz has a prominent trapezoid grille and high nose
    The Veloz has a prominent trapezoid grille and high nose
  • Tech comes in the form of a 7-inch information display and an 8-inch multimedia screen
    Tech comes in the form of a 7-inch information display and an 8-inch multimedia screen
  • The SUV comes with 17-inch aluminium wheels
    The SUV comes with 17-inch aluminium wheels
  • The Veloz's wireless charging pad
    The Veloz's wireless charging pad
  • Seats down for extra space
    Seats down for extra space
  • The Veloz is a budget option, but it doesn't give the appearance of being so
    The Veloz is a budget option, but it doesn't give the appearance of being so
  • The Veloz's grey and blue door stylings
    The Veloz's grey and blue door stylings
  • The Veloz's multi-information screen
    The Veloz's multi-information screen
  • Up close with the tail light
    Up close with the tail light

Lifestyle

Motoring

Toyota Veloz: Heavyweight SUV arrives in UAE

Japanese marque's latest offering is both big and budget-friendly

Simon Wilgress-Pipe
Simon Wilgress-Pipe

February 07, 2023

  • English
  • Arabic

Toyota has launched a chunky, budget-friendly SUV in the UAE called the Veloz.

This is an inexpensive, seven-seater vehicle that, upon first inspection, seems to make a fair attempt at juggling practicality and comfort with a few sporty elements to keep everyone inside amused.

Looks-wise, the Veloz has design cues that resemble the neat stylings of the RAV4, with a prominent high nose, trapezoid grille and stout front air intakes.

The new arrival is a lot bigger than its more well-established sibling though, particularly when it comes to the length of the vehicle. The Veloz’s bold exterior, which is available in a choice of six colours, is finished off with 17-inch aluminium wheels.

All very elegant, then, but the newbie also ticks all the boxes as a frugal choice for those with fuel consumption in mind. Power comes from a modest 1.5-litre 4-cylinder engine, which certainly shouldn’t see drivers sobbing every time they need to fill up.

Interior space was clearly a key consideration in the design of the Veloz. As noted, it is longer than the RAV4, which translates into extra room for driver and passengers alike.

There's plenty of leg room in the newcomer
There's plenty of leg room in the newcomer

The Veloz has three rows of seats as standard, with storage compartments scattered hither and thither.

Those who like a hot beverage or tube of chilli pop as they drive along won’t be disappointed as there are a dozen cup holders spread around the cabin.

Tech comes in the form of a 7-inch information display, an 8-inch multimedia screen and a wireless charging pad, as well as the usual USB ports.

The Veloz, which is in Toyota showrooms now, really comes into its own with its pricing, though.

A base model will set you back only Dh79,900, which puts it in direct competition with the most cost-effective vehicles on the market today.

Ford Raptor trio arrives in the Middle East in a regional first - in pictures

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    Ford's trio of Raptors has arrived in the Middle East. All photos: Ford
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    Inside the F-150 Raptor
  • Ready for the rough stuff
    Ready for the rough stuff
  • Broncos set to roll
    Broncos set to roll
  • Inside the Bronco
    Inside the Bronco
  • Up close with the F-150
    Up close with the F-150
  • Air intakes on the Ranger
    Air intakes on the Ranger
  • Just in case you forget what you're driving
    Just in case you forget what you're driving
  • Inside the Ranger
    Inside the Ranger
GULF MEN'S LEAGUE

Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2

Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers

 

Opening fixtures

Thursday, December 5

6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles

7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers

7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles

7pm, Pitch 5, Bahrain v Dubai Eagles 2

 

Recent winners

2018 Dubai Hurricanes

2017 Dubai Exiles

2016 Abu Dhabi Harlequins

2015 Abu Dhabi Harlequins

2014 Abu Dhabi Harlequins

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
While you're here
Reading List

Practitioners of mindful eating recommend the following books to get you started:

Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung

How to Eat by Thich Nhat Hanh

The Mindful Diet by Dr Ruth Wolever

Mindful Eating by Dr Jan Bays

How to Raise a Mindful Eaterby Maryann Jacobsen

While you're here

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.”

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Updated: February 08, 2023, 4:55 PM
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