here is an interesting post on the Al Jazeera blog before he spoke
12:07 am - We're seeing a lot of rumors right now. Some reports have indicated that Egyptian government officials and top business have been taking private planes out of the country, but the Cairo airport has denied this. We've even seen rumors about President Mubarak's whereabouts, that he is in the Sinai Peninsula resort of Sharm el-Sheikh, or possibly that he has left the country. In the absence of a statement from Mubarak himself, nobody knows.
http://blogs.aljazeera.net/middle-east/2011/01/28/liveblog-egypts-protests-eruptFor geographic location here you go
http://en.wikipedia.org/wiki/Sharm_el-SheikhGiving the speech from there might make sense, and none of us would be the wiser... it places him away from the main action, and Saudi is just across the waterway