Financial Times starts Middle East edition

By Robert MacMillan

NEW YORK (Reuters) - The Financial Times plans to start a Middle East edition to serve what it sees as a growing demand for business news in the Gulf states and other parts of the region.

The paper, which will be the pink-sheeted British business daily's fifth edition, is part of Pearson PLC's (PSON.L: Quote, Profile, Research) international expansion strategy for the Times. The first copies will be available on Tuesday, April 29.

"The economic dynamism of the region is striking," Financial Times Chief Executive John Ridding said in an interview with Reuters on Saturday. "It's not just the rate of growth, it's the nature of growth."

"Unlike the previous sort of oil booms, I think what we're seeing this time is a substantial investment in the foundations of sustainable economic development, infrastructure and education," Ridding said.

The market features a growing number of foreign companies as well as expatriates working in the area who are looking for important business news, Ridding said, particularly as the Gulf economy is booming on high oil prices.

The English-language edition's editorial staff will be based in Abu Dhabi in the United Arab Emirates. The paper will be produced in London and printed in Dubai.

The FT publishes its other editions in Britain, Asia, the United States and continental Europe. It also is starting a Chinese-language magazine this year to target China's increasingly affluent professionals, and is reportedly starting a new daily business newspaper in India with local partner Network 18 Media & Investments Ltd.

Ridding declined to comment on the FT's India plans.