Despite many efforts since the 1970s, GCC nations have not been able to escape the oil curse or to achieve economic diversification as a strategic means to escape this curse. As a result, their public finances, economies and societies have remained significantly exposed to fluctuations in oil demand and prices in response to global economic and political shocks. At present, however, most GCC countries are pursuing mega national projects as well as massive diversification and job localisation plans that are intended to revolutionise and modernise their economies in the future. The progress and outlook of these plans and strategies are discussed in this chapter. The opportunities and risks are both evaluated, and questions are raised about the practicality and effectiveness of these strategies. The chapter also makes a few recommendations with respect to introducing fiscal, economic, and educational reforms as well as calling for more transparency in public finances.