A hard-up fisherman in Thailand is in line for a windfall of more than $1 million after finding a rare piece of expensive “whale vomit” on a beach.
Narong Phetcharaj was returning to shore when he saw a strange object in the surf at Niyom beach in southern Thailand’s Surat Thani province.
He found a large lump of a waxy mass called ambergris, which is French for grey amber.
The substance, which is regurgitated by sperm whales, can be sold for up to $40,000 a kilogram.
Mr Phetcharaj found a piece weighing about 30kg, which could be worth up to $1.2 million
The fisherman took the mass to experts at the Prince of Songkla University, who identified it as ambergris.
The substance is produced by sperm whales, which eat large quantities of cephalopods such as squid and cuttlefish and usually vomit out indigestible elements such as the beaks and pens.
Sometimes, these parts move into the whale's intestines and bind together, slowly becoming a solid mass which grows inside the huge mammal over many years.
The whale then vomits out the mass, which solidifies and floats on the surface of the ocean. It has a foul smell at first but after drying out, it develops a sweet and long-lasting fragrance, making it a sought-after ingredient in the perfume industry.
"None of the villagers has ever seen or touched a real whale ambergris before and that’s why everybody was happy," Mr Phetcharaj said.
"I'm so excited; I don’t know what to do. I plan to sell the ambergris as I’ve already received a certificate to prove that it's real.
"If I can get a good price, I'll retire from working as a fisherman and throw a party for my friends."
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Second place in Ocean Photographer of the Year, Henley Spiers: 'Diving amidst the barrage of gannets, I witness the violent synchronicity of these impressive seabirds as they embark on fishing dives,' says Spiers of this photo taken in the UK's Isle of Noss. 'They hit the water at 60 miles per hour (96kmh), an impact they can only withstand thanks to specially evolved air sacs in the head and chest. The bird’s agility transfers from air to sea where it also swims with incredible speed.' -

Third place in Ocean Photographer of the Year, Matty Smith: 'A hawksbill turtle hatchling just 3.5cm long and a few minutes old takes its first swim,' says Smith of his photo taken in Lissenung Island, Papua New Guinea. 'It had emerged from an egg just minutes earlier with approximately 100 of its siblings. They quickly made their way into the ocean to disperse as rapidly as they could and avoid predation from birds and fish. I had to work quickly for this shot.' -

Winner of Ocean Adventure Photographer of the Year, Ben Thouard: Surfer Matahi Drollet catches a wave known as Teahupo’o in Tahiti, French Polynesia -

Second place in Adventure Photographer of the Year, Ben Thouard: A wave known as Teahupo’o, as seen from below, in Tahiti, French Polynesia -

Third place in Ocean Adventure Photographer of the Year, Sebastien Pontoizeau: A freediver duck dives to capture a photograph of a humpback whale off the coast of Reunion Island -

Nominee in Adventure Photographer of the Year, Steve Woods: Sea lions swarm a diver off Vancouver Island, Canada -

Winner of Collective Portfolio Award, Stefan Christmann: In late spring, the emperor penguin colony almost mainly consists of chicks in Antarctica -

Winner of Collective Portfolio Award, Stefan Christmann: When both parents are foraging, their chicks gather in creches, or mini huddles -

Winner of Collective Portfolio Award, Stefan Christmann: A lone chick standing on the ice shelf, as the sea ice broke up too early, in Antarctica -

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Second place in Collective Portfolio Award, Matty Smith: A southern bobtail squid performs a spectacular display on the seabed at night -

Second place in Collective Portfolio Award, Matty Smith: Pacific Man o’ War, a colourful marine invader, under an apocalyptic red sky -

Second place in Collective Portfolio Award, Matty Smith: The Porpita porpita siphonophore appears like a miniature spinning galaxy on the ocean surface -

Third place in Collective Portfolio Award, Alex Kydd: A rare encounter with a fever of cownose rays on the Ningaloo Reef, Western Australia -
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Winner of Community Choice Award, Phil de Glanville: Surfer Jack Robinson rides the famous break known as ‘The Right’, home to some of the heaviest waves in the world in Denmark, Western Australia -

Winner of Conservation Photographer of the Year, Kerim Sabuncuoglu: A dead moray eel on an abandoned fishing line in Bodrum, Turkey -

Highly Commended in Conservation Photographer of the Year, Thien Nguyen: Anchovy fishing boats photographed from above along the coastline of Phu Yen province, Vietnam -

Winner of Exploration Photographer of the Year, Martin Broen: Speleothems cast long shadows at cenote Dos Pisos in Quintana Roo, Mexico -

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The mystery of ambergris
The substance has been called the treasure of the sea and referred to as floating gold.
Its origin remained a mystery for years, with theories suggested it was hardened sea foam or the droppings of large birds.
However, it was not until large-scale whaling began in the 1800s that the discovered was made that the sperm whale was the material’s only producer.
Conflicting opinions still exist as to how ambergris emerges from the whale. Many believe that the whale regurgitates the mass – which is where the substance gets its nickname “whale vomit”. Some believe the whale pass the mass along with faecal matter, whereas others say the obstruction grows so large it eventually fatally ruptures the animal.
Whiile you're here
Damien McElroy: Anti-science attitudes in America are proving lethal
Editorial: What makes the UAE such a good place to test vaccines?
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Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
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Rashmee Roshan Lall: Sound of silence in South Asia
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
COMPANY%20PROFILE
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
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
Read more from Kareem Shaheen
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Barbie
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
Men from Barca's class of 99
Crystal Palace - Frank de Boer
Everton - Ronald Koeman
Manchester City - Pep Guardiola
Manchester United - Jose Mourinho
Southampton - Mauricio Pellegrino
Read more about the coronavirus
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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.”
