Where is the location of Mount Sinai?

Tradition states that Mount Sinai is located on what is known today as the Sinai Peninsula, but is this location correct according to the Bible and history?  The Sinai Peninsula today is controlled by Egypt and there is strong archeological evidence that it was in ancient times as well.  There are several Egyptian copper and turquoise mines located on Sinai, showing that it was a part of the Egyptian kingdom.  The Israelites would not have stopped there, since they would have still been in Egypt.  In the Gulf of Aqaba, a part of the Red Sea, there is rumored that Egyptian chariot wheels have been discovered at the bottom of the sea.  The Bible states that Mount Sinai was in Arabia (Galatians 4:8), known in ancient times as Midian, the place where Moses fled for his life (Exodus 3:1; Note:  Horeb = Sinai; Deuteronomy 1:6).