Suez Canal Authority in the context of "Suez Canal Company"

⭐ In the context of the Suez Canal Company, the transfer of operational control to the Suez Canal Authority in 1956 directly resulted from the actions of which Egyptian leader?

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⭐ Core Definition: Suez Canal Authority

Suez Canal Authority (SCA) is an Egyptian state-owned authority which owns, operates and maintains the Suez Canal. It was set up by the Egyptian government to replace the Suez Canal Company in the 1950s which resulted in the Suez Crisis. After the United Nations intervened, the three invading countries (France, Israel, and the United Kingdom) were forced to withdraw.

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👉 Suez Canal Authority in the context of Suez Canal Company

The Suez Company or Suez Canal Company, full initial name Compagnie universelle du canal maritime de Suez (Universal Company of the Maritime Canal of Suez), sometimes colloquially referred to in French as Le Suez ("The Suez"), was a company formed by Ferdinand de Lesseps in 1858 to operate the Egyptian granted concession of the Suez Canal, which the company built between 1859 and 1869. Initially, French investors held half of the Company's stock, with Egypt's ruler Sa'id Pasha holding most of the balance. In 1875, financial distress forced Sa'id's successor Isma'il Pasha to sell the country's shares to the government of the United Kingdom. The Suez Company operated the canal until Egypt's new president Gamal Abdel Nasser revoked its concession in 1956 and transferred canal operation to the state-owned Suez Canal Authority, precipitating the Suez Crisis.

Following the loss of the canal concession, the Suez Company received financial compensation from the Egyptian government, the final payment of which was made in 1962, and used this resource to reinvent itself as a major investment and holding company in France. In 1958 it renamed itself the Compagnie financière de Suez ("Suez Financial Company"), and in 1967 changed its name again to Compagnie financière de Suez et de l'Union parisienne, a change that was reversed in 1972. It was nationalized in 1982, then privatized in 1987. It acquired control of the Société Générale de Belgique in 1988, and changed name again to Compagnie de Suez in 1990. In 1997, it merged with water utility and construction conglomerate Lyonnaise des eaux [fr] to form Suez-Lyonnaise des eaux. The merged entity renamed itself as Suez in 2001 and underwent several subsequent mergers, spin-offs, and restructurings that led to the creation of the energy company Engie and the water and waste-management utility also named Suez.

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Suez Canal Authority in the context of Port Tewfik

The Suez Port (also called Port Tawfiq) is an Egyptian port located at the northern tip of the Gulf of Suez on the Red Sea at southern entrance of the Suez Canal, serving the canal and the city of Suez. It is owned and operated by the Ministry of Transport's General Authority of Red Sea Ports, and is home to the Suez Canal Authority (SCA) shipyards.

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Suez Canal Authority in the context of Gamal Abdel Nasser

Gamal Abdel Nasser Hussein (15 January 1918 – 28 September 1970) was an Egyptian military officer and revolutionary who served as the second president of Egypt from 1954 until his death in 1970. Nasser led the Egyptian revolution of 1952 and introduced far-reaching land reforms the following year. Following a 1954 assassination attempt on his life by a Muslim Brotherhood member, he cracked down on the organization, put President Mohamed Naguib under house arrest and assumed executive office. He was formally elected president in June 1956.

Nasser's popularity in Egypt and the Arab world skyrocketed after his nationalization of the Suez Canal and his political victory in the subsequent Suez Crisis, known in Egypt as the Tripartite Aggression. Calls for pan-Arab unity under his leadership increased, culminating with the formation of the United Arab Republic with Syria from 1958 to 1961. In 1962, Nasser began a series of major socialist measures and modernization reforms in Egypt. Despite setbacks to his pan-Arabist cause, by 1963 Nasser's supporters gained power in several Arab countries, but he became embroiled in the North Yemen Civil War, and eventually the much larger Arab Cold War. He began his second presidential term in March 1965 after his political opponents were banned from running. Following Egypt's defeat by Israel in the Six-Day War of 1967, Nasser resigned, but he returned to office after popular demonstrations called for his reinstatement. By 1968, Nasser had appointed himself prime minister, launched the War of Attrition to regain the Israeli-occupied Sinai Peninsula, begun a process of depoliticizing the military, and issued a set of political liberalization reforms. After the conclusion of the 1970 Arab League summit, Nasser suffered a heart attack and died. His funeral in Cairo drew five to six million mourners, and prompted an outpouring of grief across the Arab world.

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Suez Canal Authority in the context of Compagnie de Suez

The Suez Company or Suez Canal Company, full initial name Compagnie universelle du canal maritime de Suez (Universal Company of the Maritime Canal of Suez), sometimes colloquially referred to in French as Le Suez ("The Suez"), was a company formed by Ferdinand de Lesseps in 1858 to operate the Egyptian granted concession of the Suez Canal, which the company built between 1859 and 1869. Initially, French investors held half of the Company's stock, with Egypt's ruler Sa'id Pasha holding most of the balance. In 1875, financial distress forced Sa'id's successor Isma'il Pasha to sell the country's shares to the government of the United Kingdom. The Suez Company operated the canal until Egypt's new president Gamal Abdel Nasser revoked its concession in 1956 and transferred canal operation to the state-owned Suez Canal Authority, precipitating the Suez Crisis.

Following the loss of the canal concession, the Suez Company received financial compensation from the Egyptian government, the final payment of which was made in 1962, and used this resource to reinvent itself as a major investment and holding company in France. In 1958 it renamed itself the Compagnie financière de Suez ("Suez Financial Company"), and in 1967 changed its name again to Compagnie financière de Suez et de l'Union parisienne, a change that was reversed in 1972. It was nationalized in 1982, then privatized in 1987. It acquired control of the Société Générale de Belgique in 1988, and changed name again to Compagnie de Suez in 1990. In 1997, it merged with water utility and construction conglomerate Lyonnaise des eaux (fr) to form Suez-Lyonnaise des eaux. The merged entity renamed itself as Suez in 2001 and underwent several subsequent mergers, spin-offs, and restructurings that led to the creation of the energy company Engie and the water and waste-management utility also named Suez.

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Suez Canal Authority in the context of New Urban Communities Authority

The New Urban Communities Authority (Arabic: هيئة المجتمعات العمرانية الجديدة) is an Egyptian state owned enterprise (SOE) established in 1979 and affiliated to the Ministry of Housing. It is the exclusive satellite city developer in Egypt, in addition to being Egypt's largest real estate developer and constructor of residential units. These activities resulted in revenue of LE 57bn in FY 2019/2020, making it the third largest SOE after petroleum and the Suez Canal.

NUCA was originally tasked with addressing housing issues in Egypt by developing new urban communities to redistribute the population of existing cities away from Egypt's Nile valley and delta, and into the desert in order to save agricultural land from being urbanized. But after four decades of working under a strict policy of desert development, NUCA's mandate was modified in 2018 allowing it to develop land and real estate projects on agricultural land and within existing cities.

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