I am not too sure about the wisdom of a paycut at the moment. Prices are rising on a weekly basis in Dubai (and I'm sure everywhere in the ME), so even a wage freeze will be an effective paycut for most.
As an FO, I do not have a whole lot of money left at the end of each month, and some months recently have seen more month than money. I don't live extravagantly, but I do have 3 kids and a wife who need feeding, clothing and entertaining, cars that need fuel, insurance,licencing and Salik, and the miriad of mundane expenses that erode the bank balance.
Within EK, especially amongst the more recent intakes, morale is already low due to the housing debacle. If pay is cut, then there will be guys leaving as soon as things improve. That will be just when the company will be starting to re-activate the grand expansion plans, and more recruitment is needed.
Will they really want to have to increase recruitment to cater for the guys they have p'ed off in the lean times? It will all depend on the ability of the managers to see beyond the nickle and dime saving now for the protection of the longterm plan.
So,IMHO, paycuts are not impossible, but unlikely. A pay freeze is a high probability.