I agree, SNNEI, but there were very strong rumours floating around that EK was close to a Dublin service. Now, with a shopping list of the size it has, with the product quality and marketing expertise, an EK service would seriously undermine EI's chances of expanding east. How to deal with this? Hit them at their home base. By taking away the point to point traffic (they can market DXB as a shopping/tourism paradise), they can push EK's entry into the Irish market back indefinitely. With EK out of the day, EI can plan other Asian markets, such as SIN or HKG, according to its timetable and not have to look over its shoulder at EK.
Remember that EI is going to have its hands full with US expansion this year, so it doesn't want to be forced to act on its eastbound ambitions. There are very good signs that a EU/US deal could be signed at the EU Summit this June, which means no more stopover (it also means no "side" deal between Ireland and the US to continue the stopover for another few years); this means that EI will have to find new aircraft and operate new routes, probably from September. A route to DXB is a very effective way of limiting competition and keeping its options open.