Cairo, 22 September 2026 — The REEFS Business Incubator — Egypt's first business incubator dedicated to startups and SMEs whose work protects and restores the Red Sea's coral reefs — was launched on Monday 21 September at UNDP Egypt in Cairo, before representatives of the Ministry of Local Development and Environment, the United Nations, research institutions and the private sector.

Selected ventures will receive grant funding of up to USD 20,000 and take part in an intensive three-month incubation programme that includes one-to-one mentorship with specialised experts, scientific field and laboratory validation in collaboration with partner research institutions, as well as support to obtain accredited certifications and access markets. The programme will culminate in April 2027 with a final showcase, where participating ventures will present their businesses and their impact on protecting coral reefs to investors, the local community, government entities and partners.

The first application round is open to any startup or small or medium-sized enterprise in Egypt offering a product or service that benefits the Red Sea’s reefs — from ventures operating along the coast to land-based solutions anywhere else in the country. 

Applications close 15 October 2026 at https://tally.so/r/gD6aBN?ref=press.

The Red Sea is home to more than 1,000 fish species and around 350 coral species — nearly 15 percent of which are found nowhere else in the world. Its reefs are among the most resilient to climate change on Earth, giving them exceptional global environmental significance.

REEFS is delivered by Acasia Group under the Egyptian Red Sea Initiative (ERSI), implemented by UNDP in partnership with the Ministry of Local Development and Environment and supported by the Global Fund for Coral Reefs.

From his side, Ghimar Deeb, Deputy Resident Representative at UNDP Egypt said: “ REEFS is an important part of the broader nature-finance architecture being developed through the Egyptian Red Sea Initiative. By supporting commercially viable, reef-positive businesses, we are helping build a stronger pipeline of enterprises and investment opportunities that can contribute to the sustainable development of the Red Sea. As this ecosystem evolves, initiatives such as the Egyptian Fund for Coral Reefs can help create pathways for suitable opportunities to access appropriate nature finance.”

Omar Sultan, CEO of Acasia Group, said: "REEFS starts from a simple belief: the best way to protect the Red Sea is to make protecting it good business. This reef is one of the most heat-tolerant on Earth, and everything around it thrives when it thrives. The founders who can build on that are already here all across Egypt. REEFS connects them with the science, capital and community to take their companies further, because the blue economy is one of Egypt's greatest opportunities for growth, and it begins with a healthy reef."

Media contact: Acasia Group — info@acasia.group

Applications: https://tally.so/r/gD6aBN?ref=press

About the REEFS Business Incubator — Egypt's first incubator for reef-positive ventures: grant funding, incubation, mentorship, scientific validation and market-access support for startups and SMEs anywhere in Egypt whose work benefits the reef. Delivered by Acasia Group under ERSI.

About ERSI — implemented by UNDP in partnership with the Ministry of Local Development and Environment and supported by the Global Fund for Coral Reefs, ERSI works to conserve the Red Sea's coral reefs, develop sustainable financing for reef protection, and grow a reef-positive blue economy.

About Acasia Group — formerly The Cairo Angels and now part of Sultan Ventures, Acasia is a Cairo-based operator of early-stage venture programs across MENA; since 2015 it has supported founders from more than 30 countries.

About UNDP Egypt — UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.

Learn more at undp.org or follow at @UNDP.