What entity did Nasser spearhead that was a boon for Egypt's economy?
By the end of 1957, Nasser nationalized all remaining British and French assets in Egypt, including the tobacco, cement, pharmaceutical, and phosphate industries. When efforts to offer tax incentives and attract outside investments yielded no tangible results, he nationalized more companies and made them a part of his economic development organization. He stopped short of total government control: two-thirds of the economy was still in private hands. This effort achieved a measure of success, with increased agricultural production and investment in industrialization. Nasser initiated the Helwan steelworks, which subsequently became Egypt's largest enterprise, providing the country with product and tens of thousands of jobs. Nasser also decided to cooperate with the Soviet Union in the construction of the Aswan Dam to replace the withdrawal of US funds.