I truly wonder if, with the billions lost, the UAE & GCC countries are really going to build a canal to bypass the Strait of Hormuz.
There has apparently already been a plan for this collecting dust. With the current problems, $50B+ doesn’t sound so bad anymore: https://en.wikipedia.org/wiki/Arabian_Canal
Although likely pipelines would be the preferred short/mid-term solution.
The costs already ballooned from a few billion to 50 and then probably 100 or 200, not like that’s a lot of money in this region of the world though ;)