Dubai Inc will have to review its entire business model, which went past the point of being sustainable some years ago. No doubt though that EK was instrumental in supporting the economic growth over the last 20yrs, so ICD and the government will definitely bail them out.
The real question is what does the future look like for Dubai, and for EK? Personally I'm more bearish about the Dubai economy than the future of the airline. Its going to take a miracle for them to turn this around, and many of the factors influencing their future are outside their control. Flashy marketing will only get you so far... Emirates on the other hand "just" need to right-size to the market. Tough decisions are being made, but the airline business model will fundamentally remain the same.