I don't think anyone would deny that the Middle East carriers are a competitive threat. There is plenty of evidence of that with the decimation of Qantas's market share in the Australia - Europe market.
However, from a UK centric market point of view, in markets such as London where there is a huge O&D market, particularly westbound across the atlantic, the likes of BA are still going to maintain a strong position in the markets. And business travellers generally prefer direct rather than indirect routings. Other carriers that do not have the luxury of a large O&D market on their own doorstep are going to struggle.
Also, the passenger feedback for EK is hardly overwhelmingly positive. The lack of consistency in the hard product is a particular source of complaint.