There is a hudge potential for a medium-long haul low fare airline from Dubai IMHO. Two major problems I can see are the price of new 787/350's and 'interfering' with EK. HHSM will not allow EK to be hurt by a competitor he effectively controls.
But if FDB doesn't do it, someone else will fill the void and all will bypass Dubai. Look at Norwegian with a 787 base in BKK.
On the other side Ukraine International is now operating the 739ER with two aux fuel tanks installed (iso B763), with a 20/159 seating layout, on BPK-BKK, a 4611nm mission. That could be an option to avoid the 787/350 investment and do that as an alternative.