Prince William Engaged to Kate Middleton

It's official! Prince William and Kate Middleton are engaged. INSIDE EDITION has details on the engagement and takes a look at the world's next princess.

Here comes the Bride! Prince William and his fiancée Kate Middleton made their first public appearance since announcing that they are officially engaged!

"We're very, very happy and I'm very glad that I have her," said Prince William.

The adorable couple stood arm in arm smiling amid an avalanche of flashbulbs before sitting down for their first ever joint interview.   

"It was a total shock when it came and I'm very excited," Kate said.  

Already looking like a Princess, Kate wore a simple navy blue wrap dress, and showed off her stunning engagement ring that has special meaning. The 18 carat sapphire and diamond sparkler belonged to William's late mother Princess Diana.

"It's my way of making sure my mother didn't miss out on today," said Prince William.  

Now the eyes of the world are on the Princess to be.  Here's what we know about her: She was born Catherine Elizabeth Middleton and she is 28-years-old.

Kate is a commoner, not an aristocrat. Her parents are self made millionaires. Her father Michael owns a successful party planning business and her mother Carole once worked as a ticket agent for British Airways.  

"They make a lovely couple, they're great fun to be with and we've had a lot of laughs together and we wish them every happiness for the future," Michael said.

Kate and William's love story began at Saint Andrews University, where they shared a house with friends and ate breakfast together every morning. The gorgeous brunette won the prince's heart in 2002 when she wore lacy lingerie in a fashion show.   

After 8 years of dating and one brief breakup, William finally popped the question to his longtime love last month during a private vacation in Kenya.

"It was very romantic," said Kate.

William's father Charles released the news in an official statement.

The Prince of Wales is delighted to announce the engagement of Prince William to Miss Catherine Middleton. The wedding will take place in the Spring or Summer of 2011, in London.  

Now everyone is speculating about plans for what is sure to be the wedding of the century.

"I think this is going to be far more of a family affair than a big grand wedding with the Diplomats and Ambassadors and so on," said Royal Biographer Andrew Morton.  

Kate and William will tie the knot almost 30 years to the day his parents got married.  Many predict the wedding will be held at Westminster Abbey where Princess Diana's funeral was held.   

And of course the biggest question of all: What will Kate wear?

"Kate is known for her no nonsense, tailored, modern style. She isn't a girly girl, she isn't puffy and fluffy so I don't think we will see her in a princess dress. It will likely be more clean lines and elegant tailoring" said fashion expert Katrina Szish.

Kate will likely choose a British designer to create her bridal gown. Two frontrunners are Bruce Oldfield and Phillipa Lepley.

"Whatever she chooses to wear will not only be the most talked about dress of the year, but potentially of the entire century," said Szish.