The issue is that plans for growth have come and gone for the past two decades. But Nothing has provided any real long term growth. It's been done in fits and starts but then fizzles away. A few new destinations open up, a lot of the time at the behest of the government, without a solid commercial basis, and at the end of the day they soon disappear.
Gulf Air is about as big as it is going to get given the current economic situation in Bahrain. And it doesn't have the presence of a Emirates, QR or the unmentionable.
After the disapearnce of QR from Saudi, UAE, Egypt and Bahrain the airline might see some room for growth but it requires both a credible vision and money. Gulf Air has neither.
I would take it for what it's worth, which is a laid back airline situated on a fairly laid back island. If you're looking for professionalism and a career that will provide you with more than just a salary at the end of the month try the other airlines.