Tourism plays an important role in the city's service-driven economy. Many large worldwide hotel chains have a presence in the city. One of the oldest hotels is the Hotel Majestic. Kuala Lumpur is the sixth most visited city in the world, with 8.9 million tourists per year. Tourism here is driven by the city's cultural diversity, relatively low costs, and wide gastronomic and shopping variety. MICE tourism, which mainly encompasses conventions¡ª has expanded in recent years to become a vital component of the industry, and is expected to grow further once the Malaysian government's Economic Transformation Programme kicks in, and with the completion of a new 93,000m2-size MATRADE Centre in 2014. Another notable trend is the increased presence of budget hotels in the city. The major tourist destinations in Kuala Lumpur include the PETRONAS Twin Tower, the Bukit Bintang shopping district, the Kuala Lumpur Tower, Petaling Street (Chinatown), the Merdeka Square, the House of Parliament, the National Palace (Istana Negara), Batu Caves, the National Museum, Islamic Arts Museum, Central Market, KL Bird Park, Aquaria KLCC, the National Monument, and religious sites such as the Sultan Abdul Samad Jamek Mosque. Kuala Lumpur plays host to many cultural festivals such as the Thaipusam procession at the Sri Mahamariamman Temple. Every year during the Thaipusam celebration, a silver chariot carrying the statue of Lord Muruga together with his consort Valli and Teivayanni would be paraded through the city beginning at the temple all the way to Batu Caves in the neighboring Selangor.