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Re:Suez Canal says traffic in channel resumes after stranded... by InitialLastName on Monday March 29, 2021 @04:06PM (#26627494)
Not to mention the terrorism/sabotage/non-state actor destruction opportunities that route would present that are moderately prevented on the Red Sea side (if you can get past the Horn of Africa).

I can't see Egypt approving an alternate canal that Israel would have any control over, but I could absolutely see Israel going in on a chance to a) take business from Egypt and b) add a defensive feature along that border.

Re:Suez Canal says traffic in channel resumes after stranded... by azernik on Monday March 29, 2021 @05:48PM (#26628640)
Both a) and b) would require a real increase in tensions. Israel and Egypt have a cold peace, with several common enemies/interests; the prospect of a direct military confrontation is nil, and neither side will go out of their way to harm the other economically.