So make a place a global trade hub in theory can be as simple as saying it is so and watching every country trade there, only in one’s imagination.
So now the region is going to be made into a great Singapore for the Mediterranean using billions of dollars of tax money from nations including Egypt, Turkey, Greece, Cyprus, etc?
That’s not a global trade hub. That’s a globally subsidized tax haven. Whose long-term stability Congress from the whim of nations like the USA, China, Russia, the EU, Iran, Saudi Arabia, etc…
With that, it would be infinitely easier and more attractive for any nearby nation to create a special economic area to handle regional trade & take the jobs, and the best part? This would be funded by the respective nation itself.