Hi Joaquin,
Unfortunately i don`t think that the minimum amount of hours can be exchanged.
Of course arabic language skills and a degree from university will undoubtedly a plus when you`ll reach the interview phase, that will show than you know other things than your pure aviation skills and that you can integrate a firm like Emirates without any problems.
But i`m sure that you know, like me , that there are many pilots working for Emirates (captains and F/O) that don`t speak a word of arabic and who have never been to University, but they had probably a lot of flight experience and were evaluated as good and safe pilots for Emirates.
So to conclude i`ll say that if you reach the minimum amount of hours required you`ll have an advantage compared to other applicants with your degrees and your arabic language skills.
Good luck...........
