A story yesterday in Business Week, A Mideast Valley of Peace discussed how the development of a $3 billion canal from the Red Sea to the Dead Sea is gaining some traction. There is both Arab and Israeli support for the idea which would bring industry, tourism, and most importantly water through desalination plants to a very thirsty location.

According to the report the ambitious project is being energized by 60-year-old billionaire Itzhak Tshuva, who was born into a poor family of 11 who crammed into a single room after immigrating to Israel from Libya in the 1940s. He went on to build a global real estate empire that includes New York's Plaza Hotel, as well as a recently announced $8 billion luxury hotel, retail, residential, and casino complex on the Las Vegas Strip.

Equally important, the project is getting a warm reception in parts of the Arab world. This so-called Valley of Peace is part of a 520-kilometer (323-mile) corridor being proposed by Israeli President Shimon Peres for regional economic development. Peres says he has received letters of support from both Palestinian President Mahmoud Abbas and Jordan's King Abdullah II. And according to Israeli press reports, Saudi Prince Alwaleed bin Talal -- known for his investments in Western icons such as Apple (NASDAQ: AAPL) -- recently told Tshuva that he will support the project through Jordan.