Believe the second airline is called
Amjaa, which means Space air.
This is funded by monies from Saudia Arabia according to my sources.
Bahrain Air is alleged to be associated with Bex Air, who already have a handling licence at BAH and operate exec aircraft. Again it is believed there is Saudi monies backing the venture.
On a more practical note, where the heck are they going to operate from as all the stands and gates are now completely taken at peak times of the day from 01 July with the new GF programme. In fact there might not be enough stands and gates at some peak moments
