How did Gamal Abdel Nasser’s policies affect foreign business owners in Egypt?

Under the leadership of Gamal Abdel Nasser, Egypt underwent a significant shift toward socialism, which profoundly impacted foreign business interests and the presence of foreign nationals in the country.

Nasser’s policies prioritized national control over key economic assets, most notably demonstrated by his 1956 nationalization of the Suez Canal. This move effectively ended the management of the canal by the British-French joint-stock company, placing it under the authority of the Egyptian government.12

Furthermore, Nasser’s broader economic and social agenda sought to replace the influence of foreign communities—including British, French, Italian, and Greek residents—with a new Egyptian middle class. He actively encouraged these foreign populations to leave the country, a process that was sometimes carried out with force. These socialist policies, which included land reforms and the nationalization of various sectors, stood in stark contrast to the later economic liberalization program known as infitāḥ, which was introduced by his successor, Anwar Sadat, to specifically court foreign capitalist investment.34