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There are two wrecks near the reef that are popular recreational dive sites. The Norwegian bulk carrier, the MV Produce which sank in 1974, and the SS Nebo which sank in 1884. Aliwal Shoal has diverse marine life including large predators and is popular as a recreational scuba diving destination.
The Shoal is known especially for its abundance of Grey nurse sharks (known locally as ragged tooth sharks or "raggies") between July and November when the sharks congregate there to mate.