The official MENA news agency reported that Mubarak sent a message to Obama shortly after his victory, expressing his hope that the president-elect would work toward peace and stability in the region.
"We await your constructive participation toward a solution to the Palestinian question and the realization of a just and comprehensive peace, which is the main condition for security and stability in the Middle East," Mubarak said.
Egyptians, many of whom feel the elder Mubarak has overstayed his welcome in ruling the Arab world's largest nation, also feel the Obama victory has heralded a new era in global politics.
Many have argued that the landslide victory by the US Democratic Party candidate will help galvanize a region that has been largely torn apart by 8 years of President George W. Bush.
"We have so much hope that Obama will help change things," said Mohamed Shennawy, a Cairo resident.
He however cautioned against expecting too much too soon.
"Arabs cannot expect Obama to change the world immediately and we need to take control of our own destiny and lives if things are going to get better," he added.
As Obama seeks to announce his Cabinet as early as possible, he will be faced with great challenges in the Middle East.
An immensely unpopular war, which has angered the Arab world, is taking place in Iraq, while autocratic regimes remain the rule, rather than the exception, in most of the Middle East, including Egypt.
Egyptians are hopeful that Obama will begin to engage leaders in the region, who have long put their power ahead of their nation.
In Egypt, Mubarak has been in power since 1981, and many argue that he is a major reason for the lack of real progress in the country.
"Hopefully he [Obama] will show the world that America has returned to its moral greatness that we so cherished for so long. But in order to do that, he must not continue to appease pro-American leaders simply because they are vital to the wars being fought," a female activist told PANA.
With much to deal with, including a major economic downturn looking more and more like a recession, Obama will have his plate full.
Arabs understand that the road will be long and tough, but one thing is certain: For Egyptians, Obama's victory has become a source of hope.
Cairo - 06/11/2008
Pana
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