"The vast majority of the party's general assembly, including members of the Higher Council, Political Bureau, the Central Secretariat and the Parliamentary Committee, also approved in a meeting on Wednesday 5 July to entrust the party's Higher Council with naming the party's presidential candidate,” the party statement said.

With 50 out of 568 seats in the House of Representatives, the PRP holds the second-largest block in the lower chamber of parliament.

The PRP's decision to field a candidate in Egypt's presidential election aligns with the constitution's Articles 141 and 142, which require a presidential candidate to secure endorsements from at least 20 MPs to be eligible to run, according to the party's secretary-general and parliamentary spokesman, Mohamed Salah Abu Himila.

Abu Himila added that "once the party's presidential candidate is named, all members in all of Egypt's 27 governorates shall be mobilized and united to support this candidate and do their best to promote this step which aims to serve Egypt's peaceful transition to full democracy."

The party's decision to participate in the presidential elections was based on two key factors, as stated in the party's announcement.

"First, the decision comes to reinforce the principle of competition and gives the party the chance to publicize its economic and political platform among the Egyptian people," said the statement.

Furthermore, the party's statement expressed its adherence to a moderate leftist ideology, which seeks to combat radical liberal policies that have had a detrimental impact on the majority of middle-income citizens, worsened the economic situation of farmers and workers, and harmed those with limited income.

"Second, the decision aims to set a good example for other political parties to exercise their national responsibilities and actively participate in political life in an efficient and democratic way and support the principle of peaceful rotation of power."

The PRP is the third party to declare its intention to nominate a candidate for the presidential election.

The Wafd Party's Higher Council is set to convene soon to determine its candidate for the presidential election, with Chairman Abdel-Sanad Yamama and former MP Fouad Badrawi, a member of the party's Higher Council, both vying for the nomination.

Last week, the Democratic Peace Party announced that its chairman, Ahmed El-Fadali, would be its candidate for the presidential election.

Article 142 of Egypt’s constitution states that “candidates must receive the recommendation of at least 20 elected members of the House of Representatives, or endorsements from at least 25,000 citizens who have the right to vote, in at least 15 governorates, with a minimum of 1,000 endorsements from each governorate.”