Will decision have repercussions beyond Mexico?31-October, 2018; Travel levels will remain much lower, but airports are still preparing for what will be a very different kind of ‘capacity crunch’ at much smaller volumes15-September, 2020 The Mexican stock exchange's IPC index ended the day down 4.2 percent. 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. (AP Photo/Eduardo Verdugo) Nevertheless, year after year, the AICM has grown, and it can even handle up to 80 operations during peak hours. However, voters just rejected its most recent proposal that would have come with a price tag of $13 billion and make it the largest airport in the Americas. 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. Situated in the Mexico City suburb of Texcoco, northeast of the capital, the new airport was slated to replace the cramped and aging Benito Juarez International, Latin America’s busiest last year. Powered and implemented by FactSet Digital Solutions. More. 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. That only one million people voted (of ~90mm registered) in the … The Mexican government will spend as much as $9 billion to abandon the construction of a new international airport in Texcoco, a sum that's more than it would have cost to finish the project. That particular area has not been home to a lake in decades, but the ground is soft and damp. All rights reserved. On June 12, a judge ordered the suspension of construction of the airport until environmental and cultural studies have been completed. Plans to construct a new airport for Mexico City have been scrapped following a nationwide referendum. MEXICO’S president-elect says he will respect the result of a referendum that rejected a partly built new airport for Mexico City, effectively ending the $18.35 billion project. (AP Photo/Eduardo Verdugo) 01 Nov, 2018 By Connor Ibbetson. With that in mind, the Mexican Government concluded: there’s no need for a new terminal at Mexico City. 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. 'UNKNOWN SUBSTANCE' REPORTED ON SOUTHWEST AIRCRAFT TURNS OUT TO BE TISSUE BOX FIBERS, Mexico's President-elect Andres Manuel Lopez Obrador casts his vote on whether to continue with the $13 billion airport to replace the current Benito Juarez International Airport in Mexico City, Thursday, Oct. 25, 2018. Like much of Mexico City, the new airport is being built on an ancient lakebed. 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. ; A three airport strategy will significantly diminish Mexico City’s ability to compete effectively as a major hub in Latin America. Fun stories about food, relationships, the great outdoors and more. The result of the vote means that airlines serving Mexico may not be able to expand service in the ways that they were planning. FILE - In this July 8, 2015 file photo, an Interjet plane sits on the tarmac at the Benito Juarez International Airport in Mexico City. Let’s investigate further. His degree in journalism allows him to form beautifully crafted and insightful pieces. Putting into aside the question of whether Santa Lucia will be a white whale (like Mirabel in Montreal or. The International Air Transport Association has said no. 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. 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. The second of the projects for a new airport… Mexico's president-elect is facing criticism for cancelling the building of a new airport in Mexico City. “The objective of this modern terminal, with 17 additional contact positions, was to improve the quality service of the passengers”. No one currently knows how long it will take before things go back to normal. For instance, Aeromexico had a, . 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 … said the Mexican Government in a statement. Many experts said that the problem wasn’t the terminals. We use ads to keep our content free. On October 29, Mexico’s president-elect, Andrés Manuel López Obrador (AMLO), announced that the incoming administration would cancel a … The Plan Obrador begins to shift into action in Mexico – Santa Lucia’s second runway to be operational in two yearsJanuary 7, 2019; Mexico sets a date for the inauguration of its ‘new capital city airport’; its President threatens to stop using his name if it doesn’t open on timeJanuary 20, 2020; Public referendum sees New Mexico City Airport project cancelled. Quotes displayed in real-time or delayed by at least 15 minutes. Once it is open, Mexico City will have three nearby airports that will function as a system allowing for more passengers and less saturation. "The decision taken by the citizens is democratic, rational and efficient," Andres Manuel Lopez Obrador said after 70 percent voted against the plan. Advertisement: Over the weekend, the Mexican Government canceled the construction of Terminal 3 at Mexico City International Airpot (AICM). 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. Putting into aside the question of whether Santa Lucia will be a white whale (like Mirabel in Montreal or Berlin’s new airport), the doubt right now is if Mexico City needs a new airport? (Courtesy Foster + Partners) Summary. For instance, Aeromexico had a 91% traffic decrease in April. Mexico's peso slid more than 3 percent against the U.S. dollar after the decision was made public, with the interbank rate ending at 20.06 pesos to $1. MEXICO CITY, April 26 (Reuters) - A new Mexico City airport intended to replace a project cancelled by President Andres Manuel Lopez Obrador should be … According to the latest data, Santa Lucía International Airport will have an initial capacity to receive 20 million passengers a year. After seeing the effects of the current pandemic, the Mexican Government decided that Terminal 3 was unnecessary to cope with future demand. In North America, it is operating a limited flight schedule between Paris and New York, Los Angeles, Montreal, and Mexico City. This will allow Mexico City to have up to 80 million passengers per year if we add the 52 million at AICM and eight million at Toluca. 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. A new 29-mile-long highway will also be built to connect the northern Felipe Ángeles Airport to the existing Mexico City Benito Juárez International Airport (MEX) at a cost of $528 million. The problem is that these predictions happened when the world had no idea that a pandemic was coming over. So it is still building it. (AP Photo/Marco Ugarte). “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 … Summary. The Latin American and Caribbean Air Transport Association has also said no. Millions of tons of rock were quarried in nearby towns and transported to the site to fill and drain the swampy former lake bed. Pena Nieto said later Monday that his government respects whatever decision Lopez Obrador may make once president, but construction will go ahead until Nov. 30, to meet obligations under bonds that were issued to finance the project. The construction of a new airport for Mexico City has halted after a public vote to decide its fate. Amedeo’s Airbus A380 Problem Or Opportunity. 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 … This material may not be published, broadcast, rewritten, Construction officially started on October 17, 2019. Work continues on Mexico City's new airport even though it remains unknown whether the project will be canceled. Let us know in the comments. 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 … Mutual Fund and ETF data provided by Refinitiv Lipper. But the Mexican Government says yes. (AP Photo/Eduardo Verdugo). Air France has reduced its flight capacity by 90% until the end of May. ©2020 FOX News Network, LLC. 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. After seeing the effects of the current pandemic, the Mexican Government decided that Terminal 3 was unnecessary to cope with future demand. Mexico had the worst performance of its air industry in both April and May. The new airport project was a hot topic for Mexico's travel industry. or redistributed. As of March 31, all flights to/from Paris-Orly airport will transfer to Paris-Charles de Gaulle. Volaris, even though it had. Lopez Obrador pledged during his campaign to cancel the Texcoco project, claiming it was marred by overspending and corruption. The Wall Street Journal Mexico’s López Obrador cancels $13 billion Mexico City airport project Published: Oct. 29, 2018 at 3:18 p.m. 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. 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