Egypt is set to start voting in a two-day run-off election on Saturday to select their first freely-elected president, 16 months after former President Hosni Mubarak was ousted in a country-wide revolution.
In the election, Muslim Brotherhood's Freedom and Justice Party head Mohammed Mursi is up against Ahmed Shafiq, Mubarak's last prime minister.
The ruling Supreme Council of the Armed Forces has agreed to hand over power to the winner by July 1 at the latest.
Meanwhile, Supreme Court on Thursday ruled to dissolve the Parliament and returned legislative powers to the Egyptian military. The panel of judges, appointed by Mubarak, ruled that the law governing Egypt's elections was unconstitutional as party members were allowed to contest in seats reserved for independents.
The Freedom and Justice Party had won about 100 of its 235 seats in the first democratic elections conducted in more than six decades to the People's Assembly.
In such a scenario, the newly elected president could take office without the oversight of a sitting parliament and a permanent constitution to define his powers or duties, reports said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.