What properties of Water make it useful as a solvent?

What properties of Water make it useful as a solvent ? What types of compounds can it:
(i) Dissolve, (ii) Hydrolyse

Water because of its high dielectric constant has the ability to dissolve most of the ionic compounds and is therefore regarded as a universal solvent. The solubility of ionic compounds takes place due to ion-dipole interactions.
The solubility of covalent compounds takes place due to hydrogen bonds. It disolves both covalent and ionic compounds.It hydrolyses many metallic and non-metallic oxides, hydrides, carbides, nitrides phosphides and many other salts, e.g.,