Egyptian activist and Nobel peace laureate Mohamed ElBaradei says President Hosni Mubarak should step down in order to end days of protests against his rule.

The former head of the United Nations nuclear monitoring agency told media outlets Saturday that President Mubarak's speech Friday, in which he pledged to form a new government, was "disappointing" to Egyptians.

ElBaradei: President Mubarak Must Go

ElBaradei said Mr. Mubarak has failed to meet the people's political, economic and social demands. He said they want to build a new Egypt that is free and democratic.

ElBaradei: President Mubarak Must Go

ElBaradei returned to the Egyptian capital, Cairo, from Vienna in time to join massive protests Friday. He has said he is willing to lead an opposition movement. Media reports said Egyptian authorities fired water cannons at ElBaradei Friday and temporarily prevented him from leaving a mosque where he had taken shelter.

ElBaradei: President Mubarak Must Go

Earlier Saturday, he expressed doubts about reports that he is now under house arrest. He said he believes the reports of his house arrest were meant to scare people.