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Although they managed to win only one match, none of their defeats were one sided. And that gives them hope. Pakistan has performed at a level much better than teams like Sri Lanka and South Africa (which recently lost an ODI match to Ireland). Outside the big 3 + NZ grouping, Pakistan seems to be the strongest team. And in UAE/Oman they usually have home advantage, because when Pakistan was unable to host matches, UAE used to be its home venue. But do they have a chance to win the world cup this time? It's a difficult question.
Since the World Cup is taking place in the UAE Pakistan will have an advantage as you said and their spinners can trouble any batsman like they did against England in the final T20I and even though they lost the match, it was a close match. I watched the highlights because i thought England would win easily but how come they dragged till the end and made it difficult and if not for the missed catches i seriously think Pakistan would have won.