What does Walla Habibi mean?

Could you please explain the meaning behind the phrase 'Walla Habibi'? I've heard it used in various contexts, but I'm not entirely sure of its significance. Is it a colloquial expression, or does it carry a deeper cultural or linguistic meaning? I'm particularly interested in understanding its origins and how it's commonly used in conversation. Thank you for shedding some light on this intriguing phrase.