Egyptian President Hosni Mubarak on Thursday said he will stay in office and transfer power after September's presidential election. "I announce in very plain, unequivocal words that I will not run in the coming presidential elections, satisfied with what I have offered to the nation for 60 years, in time of war and peace. I announce that I will adhere to this position and similarly remain adamant to shoulder my responsibility, protecting the constitution, safeguarding the interests of the people until the authority and power is handed over to the person who will be elected in fair and free elections," Mubarak said in a televised address.
Mubarak said he would delegate powers to Vice-President Omar Suleiman, but did not say when and what powers.
His comments came after hours of unofficial reports he was ready to stand down immediately. He also said he would ignore "dictates from abroad".
Egypt's military earlier said it was standing ready to "protect the nation".
Meanwhile, pro-democracy protesters in Cairo's Tahrir Square chanted "Get out! Get out!" as it became clear during Mubarak's address that the hewas not stepping down as reported.