Both Heleheleyani and Propellor's post say as much about the general malaise in the aviation industry in our times as how relatively good things are at Gulf Air (although, yes, things could be a lot better; and in some cases what seems to be lacking is will rather than money to do it). Wherever you go, whether it be at GF, American Airlines, Lufthansa, etc., people say the same thing "things just aren't like they used to be."
Overall, also happy with my work environment and career prospects at Gulf Air. Unfortunately, nobody knows how long "good times" last, as pilots at many airlines over the last decade have discovered.
Yes, many airlines hiring both inside and outside of the region. Not necessarily more attractive though, despite newer equipment, "5-star" ratings, and a vaster and seemingly more exotic route structure.