There will be winners and losers at this year’s FIFA World Cup — both in the stadium and in the stock market. Companies in Qatar and the surrounding area will jostle for business from the 1.5 million soccer fans expected to arrive in the country. Analysts from HSBC Global Research reckon that regional food and beverage giants Alamar Foods, Agthia Group and Almarai are among those willing to cash in on the tournament. Aviation fuel supplier Qatar Fuel and hotel operator EMAAR Properties are also shortlisted as beneficiaries of the bank. But risks remain for investors, highlighted by the Qatar government’s last-minute ban on beer sales in and around World Cup stadiums. The conservative, gas-rich Muslim country doesn’t outright ban alcoholic beverages from visitors, but sales and consumption are tightly controlled. The decision reportedly calls into question the $75 million sponsorship of the tournament by major brewer Budweiser, which is owned by Anheuser-Busch, and prompted many organizers and fans to attend. Attendees are angry at the new restrictions on the 92-year-old event. Tourism Spending Controversy aside — and there has certainly been some — the number of visitors to the area means a number of companies in the area could benefit. Qatar’s population of about 3 million is less than a third of the metropolitan areas of New York or London. And its capital, Doha, is limited to welcoming visitors, as it has only 30,000 hotel rooms. This means a “significant” amount of tourists will “spill” to other regional hubs such as Dubai and Abu Dhabi, according to HSBC. Tourism spending during the football season is expected to be around $4 billion, much of it spent in Qatar. However, Dubai is expected to be the next biggest beneficiary, according to market research firm Redseer Strategy Consulting. Emaar Properties will likely be a big beneficiary of this demand. According to HSBC, the Dubai-listed company, which operates 6,000 hotel rooms and destination shopping malls across the city, will see an increase in sales during the period. The investment bank expects the company’s shares to rise 23.2% to 7.60 UAE Dirham ($2.07). Qatar Fuel, the exclusive supplier of jet fuel in Qatar, will likely benefit from the World Cup almost immediately. Over the long term, HSBC predicts steady growth in air traffic thanks to expansion at Qatar Airways and Doha’s airport. Investment bank for Doha-listed Qatar Fuel shares with a gain of 21.8%. Supplying and quenching the thirst of fans will also be big business in Qatar and the surrounding area. HSBC said Saudi Arabia-based Alamar Foods, which operates Domino’s Pizza and Dunkin’ Donuts franchises for the Middle East, “could benefit from increased fast food consumption.” up during the World Cup.” The investment bank expects shares of the Riyadh-listed company to rise 10.8% to 164 Saudi riyals ($43.64). Similarly, HSBC expects another Riyadh bakery, Almarai, to cash in on the tournament and see its shares rise 12.9% to 64 riyals a share. Meanwhile, the investment bank gives Abu Dhabi-listed beverage maker Agthia 61%. The World Cup will not only benefit consumer companies in Qatar and the surrounding region, but also around the world. During the 2018 World Cup, for example, food delivery company Zomato in India received three times as many orders as usual during important matches. — CNBC’s Natasha Turak contributed to this report