Israel will not intervene because it has a peace treaty with Egypt which is much more important than starting some stupid war on the behalf of foreign countries. Since the war with Egypt in 1956 Israel only had wars with entities which directly attacked Israel and even in 1956 there were some excuses due to attacks by the Fedayun that came from Egyptian area and to the fact that the Egyptian blockaded the entranc to the Israeli port on the red sea.

If anything they will just dig a canal or create some route from Eilat port to Ashdod port and make some profit out of the whole situation.