Suez Canal Company
Encyclopedia
The Universal Suez Ship Canal Company was the Egypt
ian corporation
which was formed by Ferdinand de Lesseps
during 1858, constructed the Suez Canal
between 1859 and 1869, and owned and operated it for many years thereafter. Initially, French private investors were the majority of the shareholders, with Egypt also having a significant stake.
became Wāli
of Egypt and Sudan in 1863, he refused to adhere to the concessions to the Canal company made by his predecessor Said. The problem was referred during 1864 to the arbitration of Napoleon III, who awarded £3,800,000 to the company as compensation for the losses they would incur by the changes to the original grant which Ismail demanded. During 1875, financial crisis forced Isma'il to sell his shares to the British Government for only £3,976,582. http://members.fortunecity.com/78blencowest/ch12.htm#cabinet
The company operated the canal until its nationalization
by Egyptian President
Gamal Abdel Nasser
in 1956, which led to the Suez Crisis
.
The company remains extant, after a series of mergers, as GDF Suez
, an industrial conglomerate
.
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
ian corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
which was formed by Ferdinand de Lesseps
Ferdinand de Lesseps
Ferdinand Marie, Vicomte de Lesseps, GCSI was the French developer of the Suez Canal, which joined the Mediterranean and Red Seas in 1869, and substantially reduced sailing distances and times between the West and the East.He attempted to repeat this success with an effort to build a sea-level...
during 1858, constructed the Suez Canal
Suez Canal
The Suez Canal , also known by the nickname "The Highway to India", is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea and the Red Sea. Opened in November 1869 after 10 years of construction work, it allows water transportation between Europe and Asia without navigation...
between 1859 and 1869, and owned and operated it for many years thereafter. Initially, French private investors were the majority of the shareholders, with Egypt also having a significant stake.
General Aspects
When Isma'il PashaIsma'il Pasha
Isma'il Pasha , known as Ismail the Magnificent , was the Khedive of Egypt and Sudan from 1863 to 1879, when he was removed at the behest of the United Kingdom...
became Wāli
Wali
Walī , is an Arabic word meaning "custodian", "protector", "sponsor", or authority as denoted by its definition "crown". "Wali" is someone who has "Walayah" over somebody else. For example, in Fiqh the father is wali of his children. In Islam, the phrase ولي الله walīyu 'llāh...
of Egypt and Sudan in 1863, he refused to adhere to the concessions to the Canal company made by his predecessor Said. The problem was referred during 1864 to the arbitration of Napoleon III, who awarded £3,800,000 to the company as compensation for the losses they would incur by the changes to the original grant which Ismail demanded. During 1875, financial crisis forced Isma'il to sell his shares to the British Government for only £3,976,582. http://members.fortunecity.com/78blencowest/ch12.htm#cabinet
The company operated the canal until its nationalization
Nationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
by Egyptian President
President of Egypt
The President of the Arab Republic of Egypt is the head of state of Egypt.Under the Constitution of Egypt, the president is also the supreme commander of the armed forces and head of the executive branch of the Egyptian government....
Gamal Abdel Nasser
Gamal Abdel Nasser
Gamal Abdel Nasser Hussein was the second President of Egypt from 1956 until his death. A colonel in the Egyptian army, Nasser led the Egyptian Revolution of 1952 along with Muhammad Naguib, the first president, which overthrew the monarchy of Egypt and Sudan, and heralded a new period of...
in 1956, which led to the Suez Crisis
Suez Crisis
The Suez Crisis, also referred to as the Tripartite Aggression, Suez War was an offensive war fought by France, the United Kingdom, and Israel against Egypt beginning on 29 October 1956. Less than a day after Israel invaded Egypt, Britain and France issued a joint ultimatum to Egypt and Israel,...
.
The company remains extant, after a series of mergers, as GDF Suez
GDF Suez
GDF Suez S.A. is a French multinational energy company which operates in the fields of electricity generation and distribution, natural gas and renewable energy. The world's largest utility after taking control of Britain's International Power, the company was initially formed by the merger of Gaz...
, an industrial conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
.
Presidents of the Suez Canal Company (1855-1956)
Before nationalisation:- Ferdinand De LessepsFerdinand de LessepsFerdinand Marie, Vicomte de Lesseps, GCSI was the French developer of the Suez Canal, which joined the Mediterranean and Red Seas in 1869, and substantially reduced sailing distances and times between the West and the East.He attempted to repeat this success with an effort to build a sea-level...
, (1855 – 7 December 1894) - Jules Guichard (17 December 1892 – 17 July 1896) (acting for de Lesseps to 7 December 1894)
- Auguste-Louis-Albéric, prince d'ArenbergAuguste-Louis-Albéric, prince d'ArenbergAuguste-Louis-Albéric, prince d'Arenberg was a French noble and monarchist politician, born in Paris. Third son of Pierre d'Alcantara Charles Marie, duc d'Arenberg and Alix de Talleyrand-Périgord, he inherited his father's title because of his older brothers' premature deaths.He was noted for his...
(3 August 1896 – 1913) - Charles JonnartCharles JonnartCharles Célestin Auguste Jonnart was a French politician.Born into a bourgeois family in Fléchin, Pas-de-Calais, Charles Jonnart was educated at Saint-Omer, then in Paris. Interested in the Algeria that he had visited as a young man, he was appointed in 1881 by Léon Gambetta to the office of...
(19 May 1913 – 1927) - Louis de Vogüé (4 April 1927 – 1 March 1948)
- François Charles-Roux (4 April 1948 – 26 July 1956)