Entitled "Turkey's hot stock market is no one-trick pony", the report in the American business and finance magazine reinforces the nation's capacity to deliver the Games in seven years' time if they are selected ahead of rivals Madrid and Tokyo, Istanbul 2020 officials claimed.

Forbes also alludes to Istanbul 2020's promise of bridging the ancient with the ultra-modern as it emphasises the "fantastic transformation" that has taken in place in the city in recent years to open a "new chapter" for Turkey.

"Popping up among the beautiful Ottoman mosques, Byzantine churches, palaces and bazaars are ultra-contemporary art sculptures, shopping malls and lush landscaping," the report reads.

"The blend of ancient with modern fits well with the young, vibrant and culturally diverse crowd that hangs out in the local cafes, shops and galleries."

The boost could not have come at a better time for the bid, with the International Olympic Committee (IOC) Evaluation Commission, chaired by Britain's Sir Craig Reedie, set to visit Istanbul between March 24 and 27.


"Istanbul is now ready to deliver a Games founded on technical excellence," Uğur Erdener, President of the Turkish Olympic Committee and an IOC member, said.

"The country's economic strength has laid the foundations for us to host more and more sports events to world-class standards.

"We are still listening and we are still learning every time we stage competitions, and this would help us create the ideal conditions for elite athletic performance in 2020."

The news also comes just as TÜİK, the state-run statistics body, announced that Turkey's jobless rate fell to 9.2 per cent last year, the lowest it has been since 2005 and among the lowest in Europe.

It also follows the landmark $20 million (£13 million/€15 million) sponsorship deal that Istanbul 2020 secured with some of Turkey's largest companies, when the likes of Digiturk, Doğuş Holding, Koç Holding, Sabancı Holding, Turkcell, Turkish Airlines and Ülker pledged their support to the Olympic and Paralympic Games bid campaign in January.


"This latest article in Forbes really sums up the mood of optimism in Turkey, and especially in Istanbul," Hasan Arat, chairman of Istanbul 2020, said.

"We are on an upwards trajectory right now and we are nowhere near the top of our arc.

"Istanbul 2020 is capitalising on Turkey's strong economic situation and we have the 100 per cent backing of every level of Government and our powerful private sector.

"This is Turkey's first sports bid in history to have been launched personally by the Prime Minister, and $20 million (£13 million/€15 million) in sponsorship represents the largest private sector investment in a Turkish sports bid ever.

"Istanbul 2020 has matched a 20-year desire with commitment and capacity."

The IOC will elect the 2020 Olympic and Paralympic Games host city on September 7 this year at its 125th Session in Buenos Aires.

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