EYbusdriver is correct. The Dubai gov wants to get in on the low cost picture here in the desert. With Etihad and Air Arabia grabbing some of the short to medium haul market, Dubai gov feels it can be part of it.

It is officially not part of Emirates but EK management is doing a lot of the ground work to get it started. They are looking at mid 2009 launch date with the 50 aircraft order of the 737-800. They have started to do some recruiting on the emiratesgroupcareers web site, but no one can seem to find it. Keep an eye out for this. No terms or conditions that I know of have been established. Only thing I really know, Dubai based, 737-800, and the name.