It would be about 125 km to punch a canal from south of Dubai to Shinas. The land is flat, and there’s little difference in sea level. Though 2x longer than Panama, the UAE canal of would be cheaper because it could be cut through flat desert. You could even claw back and stop the ordnance given to Isreal and the US ordinance being used in Iran to blast it into existence quickly. (bombs for good) Make it 1 km wide.

The canal would be about 170 km shorter and would probably cut the travel time down a little.

It would double the distance off the cost of Iran so that missiles and drones would take more time. It should be easier to defend. Once Iran becomes more friendly, both the straight and the UAE canal together would offer choice and capacity.

In reality, you might have to call it Trump Canal, to get it built.