Yerevan

Yerevan (Armenian: Երևան or ԵՐԵՎԱՆ, Armenian pronunciation: [ˌjɛɹəˈvɑn]; sometimes written as Erevan, Iravan, Erewan, Ayrivan, and Erivan; former names include Erebuni, Revan, Ereun) is the capital and largest city of Armenia. It is situated on the Hrazdan River, and is the administrative, cultural, and industrial center of the country. It has been the capital of Armenia since 1918 and the twelfth in the history of Armenia.

The history of Yerevan dates back to the 8th century BC, with the founding of the Urartian fortress of Erebuni in 782 BC at the western extremity of the Ararat plain.[2] After World War I, Yerevan became the capital of the Democratic Republic of Armenia as thousands of survivors of the Armenian Genocide settled in the area. The city expanded rapidly during the 20th century when Armenia became one of the fifteen republics in the Soviet Union. In fifty years, Yerevan was transformed from a town of a few thousand residents during the first republic to the principal cultural, artistic and industrial center as well as becoming the seat of the political institutions of the country.

With the growth of the economy of the country, Yerevan has been undergoing a major transformation as construction sites have appeared all over the city since the early 2000s. Today, the appearance of new buildings, roads, restaurants, boutiques, quarters etc. have started to erase the traces of 70 years of Soviet dominance.

In 2007, the population of Yerevan was estimated to be 1,107,800 people with the agglomeration around the city regrouping 1,245,700 people (official estimation[3]), more than 33% of the population of Armenia.
Industry

In 2001, Yerevan's share of national industrial production was approximately 50%.[50]. Yerevan's manufactures include chemicals, primary metals, machinery, rubber products, plastics, textiles, and processed food. Even though the economic crisis of the 90s ravaged the industry of the country, several factories remain always in service, notably in the petrochemical and the aluminium sectors. Not only is Yerevan the headquarters of major Armenian companies, but of international ones as well, as it's seen as an attractive outsourcing location for Western European, Russian and American multinationals. Yerevan is also the country's financial hub, home to the Armenian National Bank, the Armenian Stock Exchange, as well as some of the country's largest commercial banks.

Yerevan's location on the shores of Hrazdan river has enabled the production of hydroelectricity. Two plants are established on the territory of the municipality.[51] There is also a thermal central station, situated to the city's south, that furnishes equally a little electricity.

[edit] Construction

The construction sector has experienced strong growth since 2000.[52] Recently, Yerevan has been undergoing an extensive and controversial redevelopment process in which Czarist and Soviet-period buildings have been demolished and replaced with new buildings. This urban renewal plan has been met with opposition[53] and criticism from some residents. Coupled with the construction sector's growth has been the increase in real estate prices.[54] Downtown houses deemed too small are more and more demolished and replaced by high-rise buildings. Jermaine Jackson has planned to build an entertainment complex in a new 5-star hotel which is being built in the city.