That is a blow , especially after waiting so long. I believe they are and will continue to be hiring steadily. As far as I recall Emirates has a max 1 year in the pool before having to interview again? Although they have in the past hired people that had been swimming for multiple years I do think they have changed their requirements so many times even they were confused and was easier to start over?
Maybe you don't even want to after this experience but apply again...second time may go smoothly!