Outlined in this book:
"Eminent biblical scholars at Harvard and the University of Pennsylvania have argued that Mount Sinai is not in the Sinai Peninsula at all, but rather in northwestern Saudi Arabia. However, they were never allowed into the kingdom to prove their argument. When Cornuke and Williams are also denied entry, they daringly sneak into Saudi Arabia. And what they discover at the mountain known as Jabal al Lawz will astonish the world — and inspire readers to rethink the role of the Bible in history. They find the remains of the stone altar at which the Golden Calf was worshiped, the twelve pillars that Moses ordered to be erected, the cave where Moses slept, and, most sensationally, the unnaturally scorched spot on the mountaintop where God gave Moses the two stone tablets. They also explain, in a fascinating account, the truth about the parting of the Red Sea waters. And not the least of their discoveries is the fact that one of the most sacred spots on earth is not a top secret Saudi military base. As these two adventurers follow in Moses' footsteps, they become pawns in a dangerous game of international power politics and intrigue, This action-packed tale — part high-tech treasure hunt, part modern-day spy thriller, and part biblical detective story — is riveting. And it is all true. "
I've seen photos taken from that location and read a little about it. It certainly looks true to me.