Spot on.
This is exactly what is being discussed. Expect the lowest rise ever this year if the Dirham has not been revalued by the UAE by the announcement time.
This will be used as an excuse and whether it does or does not, no mid-year pay rise will occur unless attrition gets uncomfortable.
The absolute minimum has always been the approach at EK with no slack for inflation for the year ahead. Only catch up to the year behind.
Over the last decade this has resulted in a substantial and continuing falling salary in "real" terms.
Most of us continue to sit like the proverbial frog in the slowly heating pot.....