Public referendum sees New Mexico City Airport project cancelled. A detail of a mock-up of the new Mexico City international airport, now canceled, is shown during the announcement of the design of the city’s new $9.2-billion airport, Wednesday, Sept. 3, 2014. Please Support us by turning off your adblocker. Construction work on the cancelled Mexico City International Airport project is now officially concluded, the federal communications and transportation secretary said yesterday. Additionally, the AICM has two runways, but it can’t use them simultaneously because there’s not enough distance between them. "The people decided.". The city's airport is now working at near capacity and would have been closed had Texcoco been built. (AP Photo/Christian Palma). Follow these easy steps to disable AdBlock, Follow these easy steps to disable AdBlock Plus, Follow these easy steps to disable uBlock Origin, Follow these easy steps to disable uBlock, Mexico had the worst performance of its air industry in both April and May. Mexico's president-elect said Monday he will respect the result of a referendum that rejected a partly built new airport for Mexico City, effectively ending the $13 billion project. As of March 31, all flights to/from Paris-Orly airport will transfer to Paris-Charles de Gaulle. Lopez Obrador said the decision meant "corruption has ended.". Plans to construct a new airport for Mexico City have been scrapped following a nationwide referendum. After seeing the effects of the current pandemic, the Mexican Government decided that Terminal 3 was unnecessary to cope with future demand. About a third of the $13.3 billion project is already complete but, during his election campaign, the now Mexican President-elect, Andrés Manuel López Obrador, had said his government would scrap the new airport in favour of a less-ambitious and cheaper project. The future of Mexico City's new airport, already about a third completed, comes down to a public vote this week in a political high-wire act by the country's president-elect that could shut down Mexico's largest infrastructure project in recent memory. (AP Photo/Eduardo Verdugo) The incoming government's decision to cancel the new Mexico City airport in Texcoco is a game-changing event for the Mexican peso, said David Duong, HSBC Senior FX … If the new Mexico City International Airport is canceled at this point, it could affect the country’s debt rating, causing it to pay interest rates on increasing debts. The Mexican stock exchange's IPC index ended the day down 4.2 percent. But the Mexican Government says yes. All rights reserved. In this Oct. 17, 2018 photo, work continues on one of the runways of Mexico City's new airport, on Lake Texcoco's dry lake bed, México. 01 Nov, 2018 By Connor Ibbetson. Twenty one massive "funnels" that will support the terminal were under construction beneath more than a dozen cranes. Based in Mexico City, Mexico. Mexican President-elect Andrés Manuel López Obrador said his government will scrap Mexico City’s $13.3 billion airport that is under construction in favor of … You've successfully subscribed to this newsletter! ©2020 FOX News Network, LLC. This material may not be published, broadcast, rewritten, or redistributed. The move came after the results of a national referendum on the project showed 70% of voters opposed to the new airport. Legal Statement. The construction of a new airport for Mexico City has halted after a public vote to decide its fate. or redistributed. Powered and implemented by FactSet Digital Solutions. President L… Market data provided by Factset. Juan Pablo Castanon, the head of Mexico's Business Coordinating Council, an industry group, fiercely criticized Lopez Obrador's decision to obey the vote, saying it "seriously hurts Mexico's image in the world" and "sends a message of uncertainty" to financial markets. A general view shows part of the Lake Texcoco in an area near the canceled airport zone that is part a project to conserve 12,200 hectares of land in Texcoco. But the outgoing administration was marked by corruption and allegations of insider dealing with contractors, which helped propel Lopez Obrador to the presidency July 1. Air France has reduced its flight capacity by 90% until the end of May. The new airport project was a hot topic for Mexico's travel industry. “The airport cancellation was the first time investors got a look at how he’d operate, and we’re seeing the same with Santa Lucia.” Santa Lucia is … Organizers of the referendum reported late Sunday that just over 1 million people voted in the referendum. Lopez Obrador said he hoped the unfinished site could be used to create "a big sports and ecological center for Mexico City.". Mexico’s incoming President-elect Andres Obrador, who takes power on 01-Dec-2018, said the government would “obey the will of its citizens” as manifested in a referendum in which 70% of those who voted said that the USD13.3 billion New Mexico City Airport project, currently under construction, should be abandoned.. The Government said it was going to allow more passengers into the congested Mexico City airport. "The decision taken by the citizens is democratic, rational and efficient," Andres Manuel Lopez Obrador said after 70 percent voted against the plan. After seeing the effects of the current pandemic, the Mexican Government decided that Terminal 3 was unnecessary to cope with future demand. , also has had a near 90% decrease in its traffic volumes. A detail of a mock-up of the new Mexico City international airport, now canceled, is shown during the announcement of the design of the city’s new $9.2-billion airport, Wednesday, Sept. 3, 2014. Sign up to our daily aviation news digest. Foster + Partners’ ambitious Mexico City Airport project has officially been cancelled after 70% of voters (only 1.2% of registered voters turned out) rejected the project. Quotes displayed in real-time or delayed by at least 15 minutes. The gravest threat to Mexico City’s existence came from a five-year flood starting in 1629, almost causing the city to be abandoned. Summary. Mexico's president-elect said Monday he will respect the result of a referendum that rejected a partly built new airport for Mexico City, effectively ending the $13 billion project… Work continues on Mexico City's new airport even though it remains unknown whether the project will be canceled. At the end of the four-day process, over one million Mexicans voted, with nearly 70% of voters choosing to cancel the construction of the new airport, which began in 2016, and instead make improvements to the current Mexico City airport and nearby Toluca airport, and add two commercial runways to the Santa Lucía military base, about 50 kilometers northeast of Mexico City. When local violent protests took place, the new airport was cancelled. Mutual Fund and ETF data provided by Refinitiv Lipper. Work continues on Mexico City's new airport even though it remains unknown whether the project will be canceled. The abandoned construction zone is now part of a project to conserve nearly 50 square miles of marsh. Or, at least, that’s the idea. Critics of the cancellation had said it might affect investor confidence in Mexico, but Lopez Obrador said investors, debt holders and contractors in the abandoned project will be protected. Advertisement: Over the weekend, the Mexican Government canceled the construction of Terminal 3 at Mexico City International Airpot (AICM). Lopez Obrador promised to let the people decide the fate of the airport. What do you think of Mexico’s decision to keep on building a new airport? Extensive site preparation was necessary to compact the ground, about 6 feet, and squeeze out the water like pressing on a sponge. Quotes displayed in real-time or delayed by at least 15 minutes. Lopez Obrador, an anti-establishment leftist who took office this month, has been scrambling to calm market jitters caused by his controversial decision to scrap plans for a new … The site is a hive of activity. Legal Statement. It is unclear what will be done with the enormous foundations already built on the site, a former lake bed known as Texcoco. Market data provided by Factset. Be in the know. On October 29, Mexico’s president-elect, Andrés Manuel López Obrador (AMLO), announced that the incoming administration would cancel a massive new airport in Mexico City … Image Credit: REUTERS 16 of 16 Mexico’s Cancelled $13-Billion Zombie-Airport Refuses to Die by Nick Corbishley • Nov 13, 2019 • 40 Comments The people voted to scrap the project that was one-third finished, $4 billion over budget, mired in allegations of corruption, and built on an unstable lake-bed. The Government plants to inaugurate it on 21 March 2022. is currently operating with three airplanes and has lost 60 aircraft to leasing companies, and Viva Aerobus is also trying to cope with the lower demand. For instance, Aeromexico had a, . So it is still building it. Let’s investigate further. mexico city’s new international airport will not be realized following a public referendum, pushed for by mexico’s president-elect andrés manuel lópez obrador. said the Mexican Government in a statement. “The decision taken by the citizens is democratic, rational and efficient,” Andres Manuel Lopez Obrador said after 70 per cent voted against the plan. Prior to the 2014 announcement of the construction of the new airport, the government had purchased ejidoland (agricultural land held in common by local communitie… A new report from Bloomberg reveals that Mexican President Andres Manuel Lopez Obrador, who scrapped plans for the new airport last year, is now battling a variety of legal challenges as a result of … Still, given the distances between the current airport, the planned Santa Lucia terminal and an existing satellite airport in the nearby city of Toluca, it is unclear how people could make connecting flights within any reasonable amount of time. ; A three airport strategy will significantly diminish Mexico City’s ability to compete effectively as a major hub in Latin America. Many experts said that the problem wasn’t the terminals. With that in mind, the Mexican Government concluded: there’s no need for a new terminal at Mexico City. Summary. This Oct. 17, 2018 photo, shows the advances in the construction of new airport in Texcoco, Mexico. Volaris, even though it had. Powered and implemented by FactSet Digital Solutions. People vote on whether to continue with the $13 billion airport to replace the current Benito Juarez International Airport, in Mexico City, Sunday, Oct. 28, 2018. According CNN's Matt Rivers, reporting from outside Mexico City, "Mexico's death toll has more than doubled in just the last three weeks. It was supposed to be the signature infrastructure project of Pena Nieto's administration, though it wouldn't have been finished for several years more. So it is still building it. (AP Photo/Miguel Tovar). The International Air Transport Association has said no. Workers prepare native plants at the garden center near the canceled airport zone as part of a project to conserve 12,200 hectares of land in Texcoco … After winning, he said the issue should be put before Mexican citizens. Mexico's business community, which overwhelmingly supported the now-cancelled project, questioned the referendum, which they said was unofficial, unrepresentative and biased. Banco BASE said it was the biggest single-day drop since Nov. 9, 2016, when markets reacted to Donald Trump's election as U.S. president the day before. The demand of passengers in the air industry, in Mexico and elsewhere, has fallen importantly, and it will take between two and four years to recover the levels we had in February 2020,”. Lopez Obrador pledged during his campaign to cancel the Texcoco project, claiming it was marred by overspending and corruption. “Due to the pandemic, the operational needs have changed. Lake Nabor Carrillo had become a refuge for migratory birds but was too close to the Texcoco site and would have posed a threat of birds hitting jet engines. Amedeo’s Airbus A380 Problem Or Opportunity. The second of the projects for a new airport… But the Mexican Government says yes. There are too many questions out there. Mexico's president-elect is facing criticism for cancelling the building of a new airport in Mexico City. According to the latest data, Santa Lucía International Airport will have an initial capacity to receive 20 million passengers a year. This material may not be published, broadcast, rewritten, The Latin American and Caribbean Air Transport Association has also said no. Journalist - Daniel comes to Simple Flying with many years of aviation journalism experience, having worked with Mexican publication A21, Roads & Kingdoms, El Economista and more. The vote has been criticized in part because only about one of every 90 registered Mexican voters participated. Lopez Obrador called the decision "a triumph for the environmental movement," saying the Texcoco project threatened to eliminate the last remaining vestiges of lakes that once covered the Valley of Mexico. 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