The wealthy businessman, who has seen his recent resignation turned down by Ismailia governor, made a U-turn on his initial stance not to target the president seat.

"Many Ismaili supporters urged me to go through the elections process. I accepted their request and decided to enter the club's presidential race," Al-Koumi told Dream TV.

"However, I may give up the pursuit in case I find a candidate better than me."

Unfulfilled Expectations

Since taking over as Ismaili chairman in 2006, Al-Koumi has been thinking of turning the Dervishes into a wealthy club to compete with the likes of Ahli and Zamalek.

He benefited heavily from appearing in different media means as he became a popular figure in Egypt.

However, the fact that Ismaili do not have sources to generate income has hampered Al-Koumi plans. He found himself paying without getting any advantages in return.

The wealthy businessman initially decided to leave his post but it now seems that he changed his mind.