According to Reuters, last Friday, a third internet-providing cable was cut 56 kms away from Dubai. I personally didn't know that Wednesday's "accident" was 2 cables, and now Friday, a third cable.
Most common rumor so far, is that Egypt prevented a ship to pass through the Suez canal for some reason, so the ship anchored in the middle of the Mediterranean, which coincidently was just over the first FLAG cable.
Now, 3 major cables, that provide internet to the Middle East, and the Far East, were damaged only 2 days apart. Could that be a coincidence?
One of the rumors was that an un-named western government wanted to hook up monitoring equipment to the main internet channels in the Middle East (same as the AT&T scandal) for anti-terrorism acts, or anti-piracy. Both happen to have roots in the "East", and both are causing problems to the "West".
I would certainly like to see more conspiracy theories