Translation:

5. And We wished to be gracious to those who were being depressed in the land to make them leaders (in faith) and make them heirs

Notes (Tafseer)

3330. What Pharaoh wished was to crush them. But Allah's Plan was to protect them as they were weak, and indeed to make them custodians and leaders in His Faith, and to give them in inheritance a land "flowing with milk and honey". Here they were established in authority for such time as they followed Allah's Law. As regards Pharaoh and his ministers and hosts, they were to be shown that they would suffer, at the hands of the Israelites, the very calamities against which they were so confidently taking precautions for themselves.