As jumpdrive says, contract pilots have zero job security, no matter what country they are working in. Do you think CX (Hong Kong) or EK (Dubai) would be any different in the longer term. Okay, they have a large percentage of expat pilots and they could not be replaced overnight, but longer term all airlines will seek the cheapest and simplest option to crew their aircraft.
Remember that it is ultimately bean-counters who will determine recruitment policy; at present they tolerate expats (and the associated costs) because there is no cheap alternative readily available. This won't last forever.......