Emirates is owned by the Government of Dubai (Which is to say the Al Maktoum family who are the rulers). They announced that a low-cost would be set up, also under their ownership. Emirates is going to "Support" the launch of FlyDubai (which I take to mean supply a lot of the technical know-how) and they will have the same chairman and owners, but eventually be seperate businesses.
At the moment FlyDubai is an office in our HQ!! I would imagine that, initially, recruitment would be a function EK would supply on belhalf of the new operation.
Watch this space!!