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."
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.
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Started: December 2016
Founder: Eisa Alsubousi
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Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
COMPANY%20PROFILE
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The Sheikh Zayed Future Energy Prize
This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
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
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