A few months back a certain Sheikh from AUH had numerous meetings regarding buying into GF but his stipulation was that he wanted 51% & therefore no government corruption. His offer was quickly refused.
51% may have been undoable for numerous reasons, including that it would have affected the "nationality" of the airline and its eligibility to take advantage of the bilateral agreements between Bahrain and other states. It may have sealed Gulf Air's fate to being a GCC regional airline.
Besides, a certain Sheikh from AUH in Gulf Air's past had a corrupting influence in the airline too, from the wild stories that I've heard.