Well, ignoring the dramatic effects this will have on ancient civilizations and assume that everything goes the same until the middle ages...
Yeah, trade with the East will be easier and therefore much bigger than OTL. Arabic and Berber influence on Spain will be greater due to the ability to walk or ride from Morocco to Iberia, expect a larger Arab/Muslim population in the region. So therefore, either no Reconquista, or a much bloodier one (I would think it would be the former, as Islam wouldn't be seen as something to be purged from Spain by its OTL leaders if it is firmly ingrained in the region's culture). Egypt gets richer, and thus you may see mercantile Egyptians traversing Europe. So maybe even some Egyptian/Arabic influence on Europe, maybe even large Arabic minorities in countries particularly prone to traders settling down there.
If Egyptian traders form the backbone of the European economy, and Spain is even more Muslim than OTL, there will probably be no Crusades. Therefore, less Italian domination of Europe's trade. Since the path to the east is and has been wide open, ideas, inventions, goods, and crafts from Asia will have spread to Europe and the Middle East long before OTL. So we could see the printing press and/or gunpowder coming about centuries earlier than OTL. Because of easier spread of ideas due to an earlier printing press, the many Catholic schisms will probably result in new churches rather than internal struggles within the Church. So, earlier and bigger Reformation. The Mamluks will be rich and powerful, possibly dominating Arabia and Anatolia, maybe even breaching into Europe...
Done plausibly, this could be a very interesting TL.