President Mubarak hands over some powers to Vice President

Egypt's President Hosni Mubarak has said he would handover some powers to Vice-President Omar Suleiman.

To the dismay of the millions of protestors gathered in the Tahrir Square, Egyptian President said that he will stay in office and transfer power only after September's presidential election.

"I am taking to you from my heart like a father to his son and daughter. I am so proud of this new generation that is asking for a better life and dreaming of a better future. The blood of your martyrs is not going to go just like that. I'm going to punish those who were responsible. I'm going to punish those who have done crimes towards our youth," he said.

Mubarak’s last night’s speech disappointed the people who were earlier hoping that he will step down immediately. The President of Egypt said he would ignore dictates from abroad.

"I express a commitment to carry on and protect the constitution and the people and transfer power to whoever is elected next September in free and transparent elections," Mubarak said.

Mubarak also refused to lift the emergency law which has been in effect since 1981. He said he will clear the way for ending the state of emergency once stability and security is restored.

The protestors chanted "get out, get out" and waved their shoes at the screen showing the president.

"Your demands are to be fulfilled ... As a president I don't see any wrong to hear the youth of my country and to do what they want and respond to their demands,” the President of Egypt said.

With the speech of President Mubarak, the millions of protestors gathered in Tahrir Square called for the resignation of President Mubarak. They said that they were extremely disappointment. They said that the protest will be even stronger.

It was the second time in two weeks that Mubarak told the nation he will stay in office until September.

Umar Suleiman, the vice-president, also addressed the nation shortly after Mubarak's speech, and called on protesters to "go back home" and "go back to work".

Vice President Suleiman says President Mubarak's decision "shows his awareness". He says they have "opened the door of dialogue" and it is still open. 

Following the speech of the President there were reports by the international media that protesters are on their way to the state-owned TV station and the presidential palace.

Egyptians have been calling for the ouster of President Mubarak, 82, who has been in power for nearly 30 years.  They have been demanding he leave immediately.

Meanwhile, on February 2, President Mohamed Nasheed called on Egypt’s longstanding ruler, Hosni Mubarak, to step down and “heed the will of the Egyptian people.”

In an interview to the BBC, the President said that Egypt needed an “interim arrangement” without Mubarak, that leads to free and fair, multi-party elections.