The city is the economic, political and cultural centre of Northern Cyprus, with many shops, restaurants and shopping malls. It is home to a historic walled city, centred on the Sarayönü Square, and a modern metropolitan area, with the Dereboyu region as its centre of business and entertainment. Described as a city with high levels of welfare, it has seen great urban growth and development in the 21st century, including the construction of new highways and high-rises. It hosts a significant number of tourists and a variety of cultural activities, including its international festivals of theatre and music. With a student population over 34,000, North Nicosia is an important centre of education and research and is home to four universities, of which the Near East University is the biggest.