Montreal, Quebec, March 30, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: Egypt will elect a new president by the end of the year, the ruling military council said on Wednesday, laying out more details of the political transition which Egyptians hope will produce a democratic government.
The new head of state would be elected a month or two after parliamentary elections scheduled for September, said Mamdouh Shaheen, a member of the military council which has governed since popular protests toppled Hosni Mubarak on February 11.
Candidates for the position held by Mubarak for three decades include Arab League Secretary General Amr Moussa and former U.N. nuclear watchdog Chief Mohamed ElBaradei, both civilians seeking a job held by former military men since the 1950s.
The election will be held according to new rules that open up competition for the position and limit presidents to two, four-year terms. Mubarak was in his fifth, six-year term when he was swept from power by a mass uprising.
The turmoil of the last two months has harmed Egypt’s economy, dealing a blow to tourism among other industries. Reflecting uncertainty, the Egyptian pound is at six-year lows against the dollar.
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