Tarek E. Obaid, the cofounder and CEO of the Middle Eastern gas and oil company PetroSaudi International, has become a new business partner in the Renault F1 team, it was announced overnight.
Following Renault’s majority sale of its F1 operation to Luxembourgeois businessman Gered Lopez’s Genii Capital group at the end of the 2009 season, Lopez announced that Obaid had bought into the team.
"It is a true privilege to announce that my long-standing business associate and good friend Tarek Obaid will be joining the Renault F1 Team," Lopez told the attending press in Monaco on Thursday afternoon. "Tarek brings a unique global perspective to our business as we solidify our operating model and begin an ambitious development programme."
"I am excited to join such a talented group with grand ideas and projects," Obaid said. "Gerard is recognised as a global financial leader and creative innovator; I am happy to team up with him. I plan to be associated with the Renault F1 Team for many years to come as we pool our efforts and resources to return this proud symbol of French industry to the forefront of Formula 1."