The proceeds from the dual-currency loan will be used to fund the first phase of the Al-Sufouh project.
The Bahraini carrier said that the sum has been outstanding from the time Oman pulled out of Gulf Air in 2007.
The recently inaugurated Green Line saw more than 11.8 million passengers during its first five months.
The struggling Bahraini carrier will use the amount to meet its medium-term capital needs.
This is the first time that the UAE airline, started eight years ago, has recorded a profit.
The airline is planning an Islamic loan facility to fund two of its planes, according to reports.
The International Air Transport Association (IATA) reported that full year 2011 passenger demand rose 5.9 per cent.
The airline’s CEO said that it was unlikely that the struggling carrier would be dissolved or sold.
The German car company delivered 11,000 vehicles in the region during 2011, recording a 21 per cent sales growth for the year.
The signing of $930 million worth of trade deals at the Bahrain International Airshow has raised expectations for 2014.
The Spanish consortium won the bid to build the second phase of the HHR.
As Abu Dhabi presses ahead with its aerospace programme, Gulf Business talks to the firm at the forefront of the capital’s bold plans.
Billion-dollar railway projects are finally gaining momentum in Saudi Arabia, Qatar and the UAE.
The Arab Spring boosted private jet travel as diplomats and business leaders engaged in peace talks.
As many airlines focus on cutting losses and battling through a probable downturn, one Gulf carrier has loftier ambitions.
Akbar Al Baker, CEO of Qatar Airways, speaks out on his detractors and his record order book.
It’s been a mixed bag for Middle East airlines as they battle with regional uprisings on the ground, but UAE profits have soared as passengers flock to safer climes.