Engineering Job offer at Bahrain
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Hi Hzrouf And Welcome to the Forum 
Coming from the same background I would say that the package you have been offered is not that bad for an Engineer with only 4 years of experience; however the allowances you mentioned might have to be reconsidered.
You still can get a reasonable 2 bedroom apartment for 300 BHD/Month; just bear in mind that the average rent for a decent Fully Furnished 2 Bedroom apartment is 400-500 BHD/Month; that average might go more for a luxury 2 Bedroom Apartment with Facilities and such kind of stuff, this mean that it might take you some time to find an apartment within your budget.
For the car allowance you wont be able to rent a car with less than 150BHD/Month. If you consider buying a reasonable used car rather than renting one, you might be able to manage with the allowance you mentioned.
If the allowances are reconsidered, you will be able to make some savings however this depends mainly on your lifestyle and the level of living you prefer.
Hope this helps 
All the Best
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