Israel that was in complete regional isolation until the signing of the Camp David Accords in September 1978 has always seen the task of finding ways to open up unimpeded access to world trade routes bypassing the Suez Canal as fundamentally important. After the Suez Canal had been nationalized by the Egyptian government followed by the fiasco of the Tripartite Aggression of 1956 when England, France and Israel failed to establish control over the main artery connecting Asian and African countries with Europe, the idea of building a backup of the Suez Canal between the Red and the Mediterranean Seas began to gain momentum in Israel and in pro-Israeli community abroad. The project was named after the founding father of the «Jewish state» and its first prime minister, D. Ben-Gurion. For various economic, political and environmental reasons the implementation of this idea had been constantly postponed. However, after the Hamas terrorist attack on October 7, 2023 in response Israel launched a large-scale military operation in Gaza, the discourse on an alternative canal has been revived. The article analyzes the historical background of the plans to build a new «two seas» canal, reveals the importance of the Gaza Strip for the construction of such a canal, provides the main characteristics of this hypothetical structure and analyzes the objective economic and political factors preventing its construction. The results of the study can become a useful source for understanding the current situation in the epicenter of the Palestinian-Israeli confrontation.