It is difficult for anyone to predict what a Global recession or Credit crunch will do to Dubai. I think it is safe to say, it will have much less effect here than most other places though. In particular.... the USA is in for years of tough times, both economically and socially.
I think a great many US pilots are seeing the writing on the wall, hence the massive increase in applications from that region.
Things may slow down in the ME, and might even grind to a halt for a while, but I would bet the fortune in my Provident Fund (joke), that any negative affects will be felt less here than in most other parts of the world. The government and Emirates, have deep, deep pockets and in spite of the potential for $200 barrel oil, we continue to make record profits year after year.
EK always takes advantage of natural and man-made crises. I have to hand it to management in those regards. SARS, the war in Beirut, the periodic hardships encountered by other airlines, etc........ EK and Dubai are well positioned geographically and financially to withstand and even profit from the misfortunes of others.
In my opinion, EK is the most secure flying job for new-hires, on the planet.
My one and only fear is that if things deteriorate to such an extent in the Good Ole USA, then there is the ever more likely prospect of future wars or a further increase in chaos in Iraq. I just don't envision America sitting back and doing nothing as they lose their grip on political and economic power around the world..... not to mention the impending social upheaval to come. With Iran positioned so close to Dubai and the fact that they are led by a lunatic, this could potentially result in some bad events happening, particulary if the US decides it needs another war to forstall the inevitable. I hope reason prevails but considering the last 7 years, I have my doubts.
Then again, EK might be able to continue its streak of good fortune. Even if things got ugly in this region I would not be surprised if Dubai and EK managed to take advantage of it somehow.
We justifiably bitch about aspects of this job as well as the peculiarities of Dubai, but when it comes to job security and potential for career advancement, nothing comes close to Emirates in my opinion.