Emirates launched this offer to upgrade from business class to first class for 50% miles required.
I think getting upgrade is the best use of Emirates skywards miles because you need to pay fuel surcharge and taxes in case you redeem miles for tickets.
Fuel surcharge and taxes are very high and they are much higher than base fare on some flights.
Here are terms and conditions –
1. The Emirates Skywards ‘First Class Reduced Upgrade Offer’ is open to all who:
• Are Emirates Skywards members
• Have an existing or purchase a new Business Class ticket and upgrade to First Class between 00:01 hours on 07 February and 23:59 hours on 15 February 2017 (Dubai local time) for travel between 20 February and 31 March 2017.
2. The reduced reward is only valid for upgrades from Business Class to First Class; Special fares are not eligible for upgrades.
3. Taxes and fuel surcharges are excluded and must be paid in full.
4. This offer is open to all Emirates marketed and operated flights.
5. Once the upgrade is processed, any changes made will result in cancellation of the upgrade and will have to be requested again.
6. Upgrade seats are subject to availability.