Cairo, Egypt (CNN) -- Bowing to eight days of protests, Egyptian President Hosni Mubarak said Tuesday he will not seek office again in elections scheduled for September, but vowed to stay in the country and finish his term. The concession, the largest the embattled president has made so far, was remarkable for a man who has held a tight grip on power for three decades. But it was unclear whether the offer would do anything to calm opposition groups and protesters who have called for Murarak's immediate resignation. "My first responsibility now is to restore the stability and security of the homeland, to achieve a peaceful transition of power in an environment that will protect Egypt and Egyptians and which will allow for the responsibility to be given to whoever the people elect in the forthcoming elections," Mubarak said in a televised address Tuesday night.
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NEW: President Barack Obama says a transition in Egypt must begin now
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NEW: Protesters and supporters of the Egyptian president clash in Alexandria
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Mubarak's position will only "extend the agony," an opposition leader says
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Arab League leader: Opposition should weigh speech before responding
Tuesday's turnout in Cairo, @placeholder and other cities came despite efforts by the government to suspend rail service and cut off mobile phone and internet networks, and in spite of the mounting hardships facing Egyptians.