The reason EK started was because Gulf Air pulled out of Dubai, do you really think they're going to expose themselves again - it boils down to tribal ownership - time to relax & don't worry about it.
Sorry but your wrong, in no way was Gulf air ever associated with Dubai, Dubai started up emirates by leasing aircraft from PIA, and was started up to cause competition.
MrMachfivepointfive might be right, there is no telling what could happen to EK or if banks would like to borrow.