Is Emirates a financial scam?
ICD which owns Emirates extracts a dividend from EK which services debts at the ICD level. It would be completely counter intuitive for them to extract dividends from one hand and then pay subsidies with the other. In any case lending banks would not stand for that. Proper airline analysts have done reports on an as if a listed entity basis with substantial access to financial reports, both EK and ICD publish audited data, and those analysts have not found any evidence of subsidies. Besides it does not suit Dubai's model to have loss making entities.