What does habibi mean?

Could you please elaborate on the meaning of the word "habibi"? It seems to be a term that's often used in a cultural context, but I'm not entirely sure of its specific definition or connotations. Is it a term of endearment, a form of address, or something else entirely? Could you provide some context for when and how it's typically used, and any cultural nuances or implications that might be associated with it?