Gharib, who said on Sunday that the board are considering to pull-out in order to 'avoid exhausting players and keep focused on the league campaign', reaffirmed that a final decision has been made.
"We officialy notified the Egyptian FA with our decision to quit the Confederation Cup, and they should inform CAF," he told FilGoal.com on Monday.
"We don't want to put pressure on the team with a busy schedule, and we are not willing to spend much."
The Hodoud board's decision comes against the will of coach Tarek Al-Ashri, who thought it was a good opportunity for his men to gain more experience in their continental debut.
The Alexandria-based club should have faced Mouloudia of Algiers in the first round of the competition.
A possible sanction from the African football governing body might be awaiting the military outfit.