If I eyeball it right, the canal would need to be least 150 km long (Suez is about 200km) and the lowest high spot is 300m elevation (Gatun Lake for the Panama canal is 26 m).
You'll need some big locks. The first ship I clicked on was the crude tanker Al Yarmouk, 333 meters long and 60 meters wide. This is too large to fit into the Panama Canal. Panamax is 289.56 m long and 32.31 m wide.
There's no water available for locks.
Take a look at the traffic going through the strait now - https://www.marinetraffic.com/en/ais/home/centerx:54.2/cente... . One canal isn't enough.
You'll need some big locks. The first ship I clicked on was the crude tanker Al Yarmouk, 333 meters long and 60 meters wide. This is too large to fit into the Panama Canal. Panamax is 289.56 m long and 32.31 m wide.
Sounds pretty expensive to me.