From Wikipedia..
Khashoggi's Ship" was started by Mercury with all four of them contributing to the lyrics and music. The song is about famous billionaire Adnan Khashoggi and a ship (the Nabila, now Kingdom 5KR) that he owned at the time and was one of the largest private yachts in the world. On the album, this track segues from "Party", to which it has a very similar lyrical theme. The song served as the reference to the name of the Khashoggi character in the We Will Rock You musical.