Colo,
In addition to what Don said, I would take a trip to spinneys market here in Dubai and do a pretend shop for a weeks worth of groceries for your family. Add the total and multiply by 4.3 to get your monthly expenditure. You will find that after the high cost of groceries, going out to eat, paying school fees, medical fees, etc....that you will probably be losing money from your savings...not adding to it.
Although, you could be losing less than you are now if you don't have a job but if you accept EK's offer, you are then stuck here with a bond for 5 years while something better may open up that can accommodate your family situation better.
Regards.
TC