Dubai itself may have been nearly broke a few months ago, but that was because of Dubai World and other investments of the emirate itself. It was bailed out by Abu Dhabi.
EK itself, while it saw a profit drop during the downturn, has swung solidly back to profit this year and expects an even larger profit next year. It can make this investment without recourse to its shareholder (which is just as well, really ...)
JetPhotos.Net Photo » A6-EDF (CN: 007) Emirates Airbus A380-861 by John Fitzpatrick
While the volume of the order is certainly a surprise (as well as the fact that it did not include an expected order for A333s to replace the ageing 332s), DXB is now a well established hub. DXB handles over 40m ppa and of course, the new airport is equipped to handle three times that amount (let alone the new T4 at DXB).
I think it will have a significant effect on Europe (particularly UK) - Aus/NZ travel, but its effect will be felt in other markets, such as SA, India and SE Asia. The next question is, how will the other "enfants terribles" - QR and EY - react to this? Can we expect more large orders from them?