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Renault gains investor
Renault F1 has announced that Saudi Arabia's Tarek E. Obaid, co-founder and CEO of private oil and gas company PetroSaudi International, has because a new business partner of the team.

With French manufacturer Renault having withdrawn most of its support at the end of 2009, Luxembourg-based businessman Gerard Lopez's Genii Capital purchased the majority shareholding in the Enstone-based squad; however, he is pleased to announce that Obaid, who has offices in London and Geneva, is now also part of the management.

"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 explained 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 commented. "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." GPUpdate.net

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