Are the odds of Emirates building alliances that slim? Don't they have an outside-* partnership with UA with earning and redeeming permitted (the way LH already ties up with South African)?
I would agree that while China's growing market seems to have been recognized, this can't be said about India, leaving * lacking an Indian subcontinent based partner.
A good guide would be to see the award charts. I frankly believe that there shouldn't be any N/A's on the Star Alliance Award Chart (well except Hawaii-Hawaii I guess)! Currently of the 14 region destinations on UA's version, it's Central Asia : 3 N/A's, Middle East: 2 and Africa: 2.
My $.02