Mohamed ElBaradei’s press office has denied rumours that he will form a political party after withdrawing from the presidential race.

"The information office of Dr Mohamed ElBaradei denies reports that he is forming a political party under the name El-Nahda (Development) and affirms [the office] is not responsible for the dissemination of such information," ElBaradei's press office said on its official Twitter account on Tuesday night.

In a surprise development, the former head of the IAEA announced his withdrawal from the presidential race on Saturday. In a statement, ElBaradei said his withdrawal was due to the lack of a real democratic system in Egypt. He also condemned the oppressive methods used to suppress peaceful protests, including military trials of civilians, which “make us feel  the old regime has still not fallen."

Many political figures, including rival presidential hopefuls, expressed their regret at his withdrawal.