Perfumers will pay millions for specific scents, sometimes from the most unlikely sources. Getty
Perfumers will pay millions for specific scents, sometimes from the most unlikely sources. Getty
Perfumers will pay millions for specific scents, sometimes from the most unlikely sources. Getty
Perfumers will pay millions for specific scents, sometimes from the most unlikely sources. Getty

How our noses turn fishermen into millionaires


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On February 13, about 30 kilometres out into the Gulf of Aden, four Yemeni fishermen discovered a lifeless sperm whale. Working with other local seamen, they hauled the bloated carcass to a local beach. What happened next would make for a great film. This motley crew of mariners gutted the whale and discovered a motherlode of ambergris, a waxy blob of whale excrement, weighing around 127 kilograms. Highly valued by the perfume industry, ambergris fetches up to $20,000/kg. These mariners could become millionaires.

Why would anyone pay so much for whale excrement, though? Firstly, ambergris is incredibly rare. Only an estimated one per cent of sperm whales (declared an endangered species in 1970) produce this waxy substance. Secondly, and more importantly, in the hands of artisanal perfumers, ambergris is transformed into a prized fragrance.

Humanity has a longstanding love affair with all things fragrant. We have always been happy to exchange silver and gold for colourless scents that vanish in the wind. For example, Pliny the Younger, the Roman politician and prolific letter writer, ranted about how much perfumes (especially Yemeni frankincense) were costing Rome. "By the lowest reckoning India, China, and the Arabian Peninsula take from our empire 100 million sesterces [a Roman currency] every year – that is the sum our luxuries and our women cost us," he wrote.

The great North African explorer, Ibn Battuta, makes similar observations about the Gulf Arabs of the 14th century, writing: "they will spend the night hungry in order to buy perfumes with the price of their food… When one of these women goes away, the odour of the perfume clings to the place after she has gone.”

Fishermen in Aden pose around the ambergris they recovered from a dead whale they found at sea on February 13, 2021. Ali Mahmood for The National
Fishermen in Aden pose around the ambergris they recovered from a dead whale they found at sea on February 13, 2021. Ali Mahmood for The National

Our love of perfume remains as strong as ever, and in few places is this more apparent than in the UAE. Google Trends, which tracks the popularity of online search terms, has found that over the past five years, no place on the planet has searched the term "perfume" more than the UAE.

What lies at the heart of our fondness for fine fragrances? Perhaps it is related to the close connection between our sense of smell and our emotions. Scents go straight to a part of the brain called the olfactory bulb. The nose literally has a direct line to the brain – no middleman. In turn, the olfactory bulb connects to the amygdala and the hippocampus, bits of wetware (i.e. brain) involved in emotional responses and memories. Scents, sights and sounds can trigger equally accurate memories, but fragrances give rise to the most emotional ones. Rediscovering the smell of a lost loved one on a hairbrush can provoke far more emotion than an old photograph.

Given the link between scents and emotion, it is hardly surprising that scent marketing has become such a powerful tool in recent years. Emotions move us, and they can nudge us towards buying things. Scent can be a real deal-sealer. Alan Hirsch, the Smell & Taste Treatment & Research Foundation's neurological director, argues that "smell has a greater impact on purchasing than everything else combined". In a move that acknowledges this link, the new Mercedes S class car now has its own signature scent. Its air filtering system uses an ioniser to improve overall air quality before infusing the cabin with the unique S-Class fragrance – mood management on the move.

This relationship between scents and sentiment is further illustrated by the high rates of depression and anxiety among people with an impaired sense of smell, also known as anosmia (complete loss) and hyposmia (partial loss). More common than blindness and profound deafness, anosmia can have severe emotional implications. A UK study, published in the journal Chemical Senses in 2014, reported elevated rates of depression (43 per cent) and anxiety (45 per cent) among people experiencing various forms of anosmia. This, by the way, makes it all the more alarming that anosmia has been reported as a symptom of Covid-19.

We have always been happy to exchange silver and gold for colourless scents that vanish in the wind

Scents give us pleasure, and a reduced ability to smell them deprives us of this. But why are certain fragrances pleasurable in the first place?

Here we have to look to our personal history and perhaps the evolutionary past. Many of the smells we universally dislike, such as spoiled food, are associated with illness risk; there is an obvious survival value in detesting such odours. Similarly, the fragrances we widely find pleasurable, such as fruits and plants, can be associated with nutrition, shelter and survival.

Our culture and personal life experiences, however, will further refine our odour preferences. Certain cultural groups might prize certain odours that others find objectionable – smelly cheese, for example. We may even come to identify specific groups with a particular scent. When the Japanese encountered the Europeans after more than a century of seclusion, they called the Europeans bata-kusai: "smells like butter". On a personal level, we also learn to love or hate smells associated with emotional memories, such as that hospital smell or the aroma of fresh-cut grass.

Like the emotions they evoke, fragrances can be hard to put into words. Those who describe the scent of ambergris, however, frequently refer to the sea. The author Katy Kelleher describes it as "sweet, yet rather marine, like vanilla and unrefined sugar mixed with seawater". I can see how such a fragrance might evoke happy childhood memories of trips to the seaside. For the Yemeni fishermen who discovered 127kg of floating gold, eau de ambergris is likely to create a whole new set of happy memories.

Justin Thomas is a professor of psychology at Zayed University and a columnist for The National

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

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Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

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Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

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What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.