Uh, did you read the report? The only money in it attributable to Emirates was an alleged fuel hedging loss that was taken over by the government. It amounted to $2.4 billion. That accusation has been denied by Emirates and the proof that the airline white paper has is circumstantial and vague at best.
So not $40 billion as you "mistakenly" say, but only $2.4 billion if true. That $700 million dividend along with roughly $100 to $200 million in dividends in practically every year since 2010 would go a long way to paying off any "loan" they may have received in 2008/09. Hardly a subsidized airline.
Typhoonpilot
Have you done any reading other than what's in one report?