Petaling Street, Kuala Lumpur's bustling ChinatownIstana Negara'' or known as National Palace in Kuala Lumpur, the official residence of the Yang di-Pertuan AgongTourism 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— 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 93,000 square meter-size MATRADE Centre in 2014. The MATRADE agency is also the owner of the Malaysia International Trade And Exhibition Centre (MITEC), the largest trade and exhibition centre of Malaysia which is a component of the larger KL Metropolis development situated in the suburb of Segambut. Another notable trend is the increased presence of budget hotels in the city.The Sultan Abdul Samad Building is a historic building designed in the Moorish style and formerly housed various government offices.The major tourist destinations in Kuala Lumpur include the Petronas Twin Towers, the Bukit Bintang shopping district, the Kuala Lumpur Tower, Petaling Street (Chinatown), the Merdeka Square, the Kuala Lumpur railway station, the House of Parliament building, the National Palace (''Istana Negara''), the National Museum, the Royal Museum, Islamic Arts Museum, Central Market, KL Bird Park, Aquaria KLCC, KL River of Life, Saloma Link, the National Monument, and religious sites such as the Sultan Abdul Samad Jamek Mosque, Thean Hou Temple and Buddhist Maha Vihara in Brickfields. 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 Gombak, Selangor.