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Suez Canal. n. 1. (Placename) a sea-level canal in NE Egypt, crossing the Isthmus of Suez and linking the Mediterranean with the Red Sea: built (1854-69) by de Lesseps with French and Egyptian capital; nationalized in 1956 by the Egyptians.
(Answer #2). The digging of the Suez Canal begun in 1859 and the canal finally opened in 1869. The Suez Canal was built by the Suez Canal Company also known as Compagnie universelle du canal maritime de Suez. The importance of the Suez Canal is that it opened up travel between the Mediterranean Sea and the Red Sea.he Suez Canal was built in the 1860s. It opened in 1869. The canal was built by a company called the Suez Canal Company. It was a company that was owned mostly by investors in France, but there was some Egyptian participation in the ownership.