Why did Egypts Col Nasser in 1956 take control of the Suez Canal?
President Nasser decided to nationalize the Suez Canal in 1956. He announced that shareholders would be paid for their shares. This decision was made mainly because the U.S. withdrew the offer to help Egypt build the High Dam in Aswan. (Building the High Dam was essential to Egypt in many ways: stopping the Nile from flooding, saving fresh water and for hydroelectricity). The Suez Canal was built mainly by Egyptian workers (many died during the construction) and it is completely in Egypt, so Egyptians thought that nationalizing the Suez Canal was the right thing to do.
