Renault F1 Team partners with Saudi Arabian PetroSaudi International

The Middle East is becoming more and more present in the most renowned international motor-sport series, including the top-class Formula One.

A lot of companies from the UAE, Qatar, Bahrain and Saudi Arabia are involved in the Formula 1 now, aside the presence of top-class racing circuits such as Yas Marina Circuit in Abu Dhabi as well as very popular racing circuits such as Al Reem Circuit in Saudi Arabia.

Today another Saudi Arabian company joined this very exclusive circle of F1 partners. Renault announced on Thursday (13.05.2010) that Tarek E. Obaid will become a partner of the team. Obaid is the cofounder, co-partner and CEO of PetroSaudi International, a private oil and gas company, based in Al Khobar, Saudi Arabia. It follows Genii Capital's purchase of a majority stake in the team last December.

"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, said Renault team chairman and Genii board member Gerard Lopez. Tarek brings a unique global perspective to our business as we solidify our operating model and begin an ambitious development programme.

"Tarek's vast experience in identifying and executing successful strategic investment opportunities will be crucial as we expand the Renault F1 Team brand name, especially in the Middle East. This tie-up also further strengthens the collaboration between the French and Saudi private sectors."

Obaid added: "I am excited to join such a talented group with grand ideas and projects. Gerard is recognized 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 One."

Obaid has a BS in International Relations from Georgetown University's School of Foreign Service. He is also a founder and investor in a series of companies, including a number of co-investments with Genii Capital, and is fluent in Arabic, English and French.

It is a very good and promising sign to see so many Middle Eastern countries and companies getting involved in motor-sport in general and Formula 1 in specific.

Besides the established racing circuits such as the BIC, Dubai Autodrome and Yas Marina Circuit in Abu Dhabi it is also the new racing circuits such as Al Reem Circuit in Saudi Arabia which are becoming more and more important for breeding a new racing driver generation in the Middle East region.

Al Reem Circuit proved within a very short period that they have a promising vision for the future of motor-sport not only in the Saudi Arabia kingdom, but also for whole Middle East region.

Yas Marina Circuit confirmed that it has a 10-years plan for getting a UAE driver to the top-class of motor-sport, the Formula One.

This should surely help a lot of getting Middle Eastern talents and young drivers into those important and popular racing series.

MS