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The UN is a pull organization. It has to request forces & money for operations. No nation or nation collective in their right mind would want to shell out the billions required to basically occupy the region, even with Jerusalem.
Make it a global trade hub. All nations will have an interest. With global trade comes investment, and the next thing you know, this small patch of the earth is the most valuable piece on it.
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.
The way you describe it is a tax haven. Make it not so.
This is almost an appealing idea in a parallel universe where religion doesn't exist, but unfortunately that's not the one we live in. This conflict is one that extends to nearly every avenue, but at it's core, it's a religious one. Unless we're ready as a global community to finally denounce religion and call the practice of it a silly and fruitless endeavor, which to be clear, we aren't, then we're never going to get anywhere pretending we can ignore the religious aspect of it. And that includes your utopian suggestion, which aside from all of its other very real problems would also likely enrage an enormous religious segment of the world who would see some of their holiest lands reduced to mere merchants dens. Even if you perhaps try to protect the religious sites, now you're effectively enforcing a concept of religious sanctity on the global community, which is no less likely to offend.
Your idea is well-intended and nice to think about, but unfortunately unrealistic for many reasons, starting on the ground floor with problem of religion.
Yes, that's why we don't stop trying. I might not make a difference, but maybe the next generation or the next after that. The point is I'm not going to stop trying. There is no answer that everyone is going to like, but there is an answer that will help everyone. I mean Israel IS man made.