Monday, 25 May 2026
A file photo of Egypt’s President Nasser after announcing the nationalization of the Suez Canal on July 26, 1956.
Suez Canal marks 69 years of nationalization, reflecting modernization and economic gains for Egypt
Ismailia, Egypt — Marking the 69th anniversary of the nationalization of the Suez Canal, Vice Admiral Osama Rabie, Chairman of the Suez Canal Authority, highlighted the success of Egyptian stewardship over one of the world’s most vital waterways.
Speaking to local media, Rabie recalled that prior to nationalization in 1956, the canal was run entirely by foreigners and its profits benefited foreign interests. The historic move to nationalize the canal under President Gamal Abdel Nasser not only restored Egypt’s sovereignty but also redirected its economic benefits to the Egyptian people.
Since the transfer of control, over 1.1 million ships have traversed the canal, generating more than $153 billion in revenues for Egypt. Rabie underscored that these returns illustrate the immense direct economic value the canal now brings to the nation.
Rabie also noted that the Suez Canal has undergone unprecedented development since nationalization, rivaling advancements made since its opening in 1869. In line with its international significance, Egypt has strictly adhered to global agreements, including the 1888 Convention of Constantinople that guarantees free navigation for all ships, while simultaneously upgrading the canal’s capacity and efficiency to meet the needs of modern maritime trade.
The Suez Canal remains a symbol of Egyptian sovereignty, regional stability, and international cooperation—serving as a critical artery for global commerce while supporting the nation’s economic ambitions.