The hostages were abducted by Daesh-linked militants, who reportedly agreed to their release in exchange for the hefty payment.
The UAE government is said to have financed the ransom, while an Iranian hostage was also freed as part of the deal. The hostages are expected to be flown home shortly.
The ransom is believed to provide a major financial boost to Daesh affiliates in the Sahel region, where militant groups have been intensifying pressure on the Malian military government through blockades and attacks that have crippled access to fuel and basic services in Bamako.
Mali has been battling extremist groups tied to Daesh and al-Qaeda for over a decade. Despite pledges from the military junta to restore security, the insurgents continue to expand their influence and sustain their operations through kidnappings for ransom and cross-border attacks.