Nationalization of the Suez Canal

The nationalization of the Suez Canal occurred in 1956 when Egyptian President Gamal Abdel Nasser took control of the canal, which was previously operated primarily by a British-French company. Nasser aimed to use the canal's revenue to fund development projects and asserted Egypt’s sovereignty over this strategic waterway, vital for global trade. The move angered Britain and France, who had economic and strategic interests there, leading them to organize a military response with Israel, resulting in the Suez Crisis. This event marked a significant moment in Middle Eastern independence and shifting global influence from Western powers to emerging nations.