This is a very famous Sephardic Jewish song known in Hebrew as Habibi (my beloved). Sephardic Jewish music has much Arabic influence, as many Sephardic Jews have lived in Arab countries such as Syria, Egypt, Lebanon, and Morocco. This song is played in the Arabic scale called  Bayat. The song, or in Hebrew pizmon, is mainly about God’s mercifulness, and how He will one day send the Messiah and take us back to a rebuilt Jerusalem.

Here is the link to the Hebrew words: http://pizmonim.org/book.php?recording=1269 (the song starts on the bottom right, and ends on the top left.)