By any stretch the sale of The Spectator is a coup for its RedBird IMI owners. The world’s oldest weekly magazine has attracted a price tag of more than £100 million ($130 million) or a multiple of more than 30 times its 2022 earnings, making it one of the most expensive UK media deals.
At first sight it seems like madness, but the sale was astutely handled, deliberately held in no hurry and designed to draw out bidders. The title was kept separate from its Telegraph sister. Expectations have not been set for newspapers to command quite the same premium.
In the end, only Sir Paul Marshall, funder of GB News, the UK TV station and the likely front-runner for The Telegraph, was left standing. But it’s a tribute to the competition that he saw off concerted interest from Rupert Murdoch, no less, and other bidders.
It may seem crazy that a "legacy" publication should enjoy such appeal but, for a start, the clue is in its vintage. The Spectator is a survivor. It’s continued when other print titles, in the face of the digital onslaught, have perished.
Brilliant, iconoclastic editing, a refusal to be cowed, an insistence on being different, all delivered with panache and humour, have created a much-cherished institution.
It may be right wing and that might not be to everyone’s tastes, but there is always that feeling of life not being taken too seriously, from sophisticated, eclectic content produced by journalists able to laugh at themselves and the world.
Contrast that with the often dreary, joyless, predictable offerings from the left and you can see why in recent years The Spectator has not only seen its circulation stabilise but soar.
In Britain, only Private Eye comes close, while in the US, The New Yorker has the similar ability to supply the unexpected.
There is, though, much more to the weekly missive, with its smattering of cartoons and pen drawings (at a time when they’re disappearing elsewhere) and traditional preference for words over pictures.
Spectator TV is in its infancy but taking off, as are the podcasts. Both rely on contributions from the magazine’s familiar names. Wine, cookery courses, holiday packages – these have all begun to be sold under The Spectator brand. Special, advertising-driven supplements extol the virtues of luxury watches or independent schools. The potential for a greater buffet is obvious.
That capacity extends to the internet. The Spectator may be produced using ink and paper, and distributed by old-fashioned post but its readers are, by now, tech savvy. They weren’t when digital first landed but they’ve grown to use and appreciate what tech can provide.
There will still be room for the main magazine but the online capacity exists for all manner of spin-offs, all under that historic banner.
Its success had made it a trophy asset, hence that eyebrow-raising price. The Spectator is here to stay and in today’s media landscape that makes it rare indeed.
It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
UAE currency: the story behind the money in your pockets
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
