Well, If when you look at what Emirates could potentially be up against with these routes.....
lots of competition on MAD-EZE (IB,UX,AR) where as CDG-LAX,LIS-GIG and CPH-SEA have one carrier with the monopoly (or none at all with Copenhagen Seattle)
If they're after the local traffic only, they could pull some of the Iberia faithful away from MAD-EZE and fill up the back of the cabin with cheap fares for VFR. Product wise they blow all the carriers on that specific route out of the water.
I can't see any of them being viable alternatives for transiting from DXB/Asia/OZ, although the DXB-EZE stops in Rio.
Skipness is right they clearly want world dominance!