Yes, CAI-LHR-DXB-LHR-NBO will only use one of your two allowed European stops assuming you transit LHR both times in <24 hours.

However, you have used three of your allowed maximum of four segments in Europe. As you need to use your fourth segment to return to CAI to complete your trip your options for a second stop are pretty limited: BCN or LHR. Although you cannot buy extra segments in Europe, you could use a "surface" segment from wherever you want to make that second stopover to BCN or LHR.