It's a term of endearment that can be used for a romantic partner, a close friend, a family member, or even a pet.
It can be used by both men and women, but is more commonly used by men.
While "habibi" is often translated as "my love," it's important to note that its meaning can vary depending on the context and the relationship between the people involved. It can be a very intimate and affectionate term, but it can also be used more casually.