Both designs have benefits. The belt allows for shorter block, less oiling requirements, easier routing, less components, quieter operation, easier/faster to replace, most likely cheaper also....just to name a few. Who knows what they have going on in that head. I would hope at the least there is some sort of variable timing & lift system in there but with only one cam driven and not much room that looks like it would be very tricky. If I were to guess the cams are connected with a gear at that bulge on the valve cover.
Walker