I strongly recomend that you read the posts about EK
expansion. (there is almost 1 per week)
This will allow you to better understand why they buy so many planes.
They received capital from the Royal family to start. It was a one time. the rest ois the result of a good management.
The only advantage they have is that they are a tool for the Royal family in their strategy to prepare the after oil in Dubai. So, their strategy is coordinated with the construction of hotels, tourist resorts, business and events.
Don't forget this region has been an important trade point for milleniums. So, they have the "know-how"
That's why I cannot let you say
"Also, these state run/supported carriers are always spending huge amounts of money on aircraft they can't use. "
"The A380 is going to go on the second-hand market very fast. There will be no need for a plane that size in that many numbers for the region."
And as a regular customer, I can tell you their planes are full (and you can verify it by looking at their financial reports on their web sites, and if you don't trust them, look at the statistics of the airport)