I'm shocked that no one answered you. Hon, don't worry I'm here though. Khashoggi was an illegal arms dealer> I for get his first name I'm pretty sure it starts with an "A". The song itself started off as a jam session so Freddie was probably just "free stylin" the lyrics and came up with that. I think they really did go to a party on one of his ships though. Based on that Mike Reid interview from 1989.