What was the effect of the founding of Constaninople?

One other event that had an enormous effect on the political history of Egypt was the founding of Constantinople (now Istanbul) on May 11, 330. First, Constantinople was established as an imperial capital and an eastern counterpart to Rome itself, thus undermining Alexandria’s traditional position as the first city of the Greek-speaking East. Second, it diverted the resources of Egypt away from Rome and the West.

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c it says nothing about connecting those 2 seas.