This is exactly what the UAE have planned, and it's a pretty cool concept. The underwater train has been proposed as a new option for travellers to go between Dubai to the city of Mumbai in India. But it's not going to be quick.
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The Seikan Tunnel (Japanese: ??????, Seikan Tonneru or ????, Seikan Zuido) is a 53.85 km (33.46 mi) dual-gauge railway tunnel in Japan, with a 23.3 km (14.5 mi) portion under the seabed of the Tsugaru Strait, which separates Aomori Prefecture on the main Japanese island of Honshu from the northern island of Hokkaido.
The Channel Tunnel (often called the 'Chunnel' for short) is an undersea tunnel linking southern England and northern France. It is operated by the company Getlink, who also run a railway shuttle (Le Shuttle) between Folkestone and Calais, carrying passengers in cars, vans and other vehicles.
The cheapest fare to travel by Eurostar train between London and Paris is $68. The fare varies according to demand on the dates of travel so booking early is the best way to get the lowest price.