In an unexpected move, Egypt's Vice President Omar Suleiman announced Friday that Egyptian President Hosni Mubarak has tasked the Supreme Council of the Armed Forces to manage the state's affairs, ending his 30 years of rule.

Egyptian people celebrate Hosni Mubarak's resignation in front of the presidential palace in Cairo on February 11, 2011. [Xinhua photo]

A step that was received with victorious crowds chanting for the military and praising their efforts in safeguarding people's aspirations, the Egyptian Supreme Council of Armed Forces said it will not replace the legitimacy of the people.

"We realized the seriousness of the current situation, we are studying all the necessary procedures and steps to achieve people's demands and we will declare a statement of the proposed plans," said the army spokesman.

Protestors in the Tahrir Square, the epicenter of the revolt, as well as the rest of the country, celebrated the historic event with dancing, singing and fireworks. Drivers blew horns on the streets.

"I am glad to hear that the president steps down," said a protestor. "But I am not sure what the county's future will be after the military takes over the power."

Adel Sabry, a member of the higher commission of the opposition Wafd Party, told Xinhua that it is a good way to change Egypt, who will see a new paper opened in its political life.

He expected talks between the opposition parties to begin as soon as possible and the military will save the country from chaos.

On Jan.25, thousands of Egyptian protesters hit the streets in an unprecedented demonstration against President Hosni Mubarak and the government, clashing with police and causing downtown Cairo to become standstill. The protest came after several self-immolation cases across the country, apparently inspired by the recent unrest in Tunisia which forced the change of its political arena.

The protesters on Jan. 25 continued until the Egyptian police decided to disperse them using water cannons. Violence erupted for several days. The Egyptian stock market EGX 30 closed down at 10.52 percent drop, yet expected to open on Sunday after a week drop. In addition, a curfew was imposed that tightened business and transportation in Egypt.

Mubarak steps down

Confronting the largest of its kind to challenge his rule in 30 years, Mubarak decided to take steps that might cool anger which eventually did not succeed as people commented "steps were always late."

The president sacked the Ahmed Nazif government including the widely detested former Minister of Interior Affairs Habib El Adly and appointed former Aviation Minister Ahmed Shafick as the prime minister. Mubarak also named Intelligence chief Omar Suleiman, the mastermind behind the end of Islamists militants in the 1990s, as Egypt's Vice President, the first of such position to be held in Mubarak's rule.

The president ordered Suleiman to hold talks with the opposition who rejected Suleiman's call unless Mubarak steps down.

Mubarak's final move before he resigned was on Feb. 10 when he delegated his powers to his vice president Omar Suleiman. "I will shoulder my responsibilities until the country witnesses the stable and peaceful transfer of power in September," Mubarak said. The step that was unexpected by the crowds who hoped Mubarak's speech would be announcement of his resignation brought in tougher protests.

Demonstrator marched to the presidential palace on Friday and cordoned the Egyptian television until Suleiman announced the president's resignation. What is unclear until now whether the former Egyptian president is still in Egypt or out. Early Friday reports confirmed that Mubarak and his family landed in Sharm El Sheikh along with Lieutenant General Sami Hafez Annan, Chief of Staff of the Egyptian Army.