I won't be surprised to see GF sizing down and selling just under 50% to private (selected) investors.
Bahrain has always been a bit (just a bit) ahead of the other in $s and senses for the money they have which is not a lot in comparison with the neighbours here in the Gulf.
Sign of the times. Governments will eventually realise that they cannot continue to waste money in a competitive market. The problem is that GF had its golden share already, EK has reached its peak and now sliding, QR is still on the way up and almost there and EY is just an infant with brand new toys and many more to come.
KU and SV have had their share of problems, typical of the youth and adulthood in the area. WY is an ever growing baby with a great chance now to have their own big toys with certain moderation.
LLCs are a new an successful trend for lower income expats (and others) in the area. However, the higher premium customers, unable to pay for a private jet, will continue to need first and business class operators.