I am completely confused.
If I understand this correctly, you are a "European" national who has been offered a full scholorship to train as pilot in a middle Eastern country. It is not clear from what you have said, but presumably you have some afflilation (background or connection) with that country? You are concerned that this "school" is not recognised by a European supranational authority (although why it needs to be, isn't entirely clear?) You can't afford any other school and this opportunity seems too good to pass up. Despite this, you don't want to stay in this host country one minute longer than necessary because you want to live in your home city.
I think many people reading this would wonder if your being recruited by the Taliban or a criminal drug cartel. If you don't want it, don't do it. On the face of it, it sounds like a good opportunity (you learn to fly and somebody else pays for it.) However if you have serious doubts, walk away. If you were getting any sort of licence and hundreds of hours for free, weighed up against nothing else available to you as an option, then I am not sure what it is you expect anybody to tell you.
you say your "biggest fear is getting job." Well yes, but that would be a fear if you had spent $150,000 of your own money at one of the worlds most respected training schools as well. All I can tell you is that your chances of finding an airline job with 200 odd hours are so small, that it shouldn't be regarded as a "fear," but a planned for reality.
Life isn't going to hand you a perfect career on a plate. If you have been afforded a good opportunity, then take it (if you want to,) for what it is, not what you would want it to be. It might be the perfect springboard or lucky break that enables you to embark on a career that would cost much less than would otherwise be the case.
To be honest (and as I say I don't fully understand your problem) you don't seem to have a very realistic appraisal of the industry. Maybe you would be happier doing something else? There isn't anything wrong in coming to that conclusion.