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Renault has announced that Saudi Arabian businessman Tarek E. Obaid will become a partner of the Formula 1 team.

Obaid is the co-founder, co-partner and CEO of PetroSaudi International, a private oil and gas company.

He is also the founder and investor in a series of

companies, including a number of co-investments with Genii Capital, who bought a majority stake in the team last year.

"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 F1 chairman 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 1."