Worth it?
Like Frogman, I know a handful of folks over in the Middle East - some happy, some less so, and some plain unhappy.
Comparing the package is slightly apples-to-oranges, I reckon.
EK will pay you a tax-free annual salary of about 8k USD as an FO. On top of that, they'll provide accommodation, so the salary is all yours.
As a QL'd LEP FO at CX, after tax and 28k in rent, you're left with about the same. You can nurse either side's figures to seem a little better or worse, but on financial grounds, there's probably not enough in it to justify the move. Save for the fact that the accommodation provided by EK is most likely nicer than your 28k pad in HKG, and when you start a family, you're given a bigger place by EK.
I'm personally not convinced that my Command would come any quicker at EK than staying at CX. That could change either way, of course.
So, I suppose the toss-up, in my opinion, is whether an LEP is willing to move to the ME for a better apartment. That's a subjective decision, I'd say. Some love Dubai, some hate it. Same for Hong Kong.
Both cities are expensive to live in. Both are great at making you open your wallet on what would be perceived as luxuries (nice meals out, champagne brunches, mucking around on boats, etc), and inflation is high.
Assuming EY's figures are roughly similar, there may be an advantage there due to a seemingly far shorter time to command.
I'll gladly be shown my errors here, but assuming my figures are about right, I see much of the rest of the equation as equal. There are good fleets and bad fleets at both, there are managerial/industrial issues at both, etc. so I'm not sure leaving one for the other over those concerns makes too much sense.
I'm of the opinion that if you don't like it here, and home is where the heart is (which is a valid emotion), then I can't see much to change your thinking over in the sandy regions.