Egyptian President Gamal Abdel Nasser nationalized the British and French-owned Suez Canal on July 26, 1956. The Suez Canal which was completed by the French in 1869 was controlled by the French and British until 1956 when Nasser nationalized it in order to finance the construction of Aswan Dam on the River Nile. The shocked French and British made an alliance with Israel, the army of which invaded the canal in October. The Israeli Army was followed by French and British troops in November. In spite of their successful military action the allied forces had to withdraw in December 1956, because of the pressure the United States, the Soviet Union, and the UN.
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