Looks like they'll give it another try. Finals in June 2012 in Saudi Arabia, draw on 21/1 http://www.qfa.com.qa/Ar/كأس-العرب-للمنتخبات-في-يونيو-2012---.aspx
They say the qualification draw will take place Jan 21. Competition will be held in June?! Ouch, its gonna be hot!
Qualification matches will be held between February and April. Seven teams qualify, Saudi Arabia are automatically qualified. Finals from 22/6 (10 days after the 3rd match day of the Asian WCQ) till 5/7.