You could be forgiven for thinking that a new problem has been discovered and a rapid response is underway from the Sunday Times article, “Race is on to save the Dead Sea.” In fact, a Red Sea-Dead Sea aqueduct has been considered by Israel and Jordan for at least a decade. Whether or not the current discussions are more serious is difficult to know. The article notes that the flow of the Jordan River into the Dead Sea is 7% of what it was before the countries began diverting its flow. The declining level (cited at 1 meter/3 feet per year) is certainly causing problems with sinkholes and unstable terrain.
The article suggests that Jordan is most interested in the project because the bulk of it would be done on their side, with outside financing. Despite the hopes that a joint Arab-Israeli project would increase peace prospects, the way that this project stands the best chance of succeeding is if it is largely constructed by one country or the other.