The full line is: "Chest cold, diamonds make a n*gga wanna cough." Diamonds are colloquially refered to as Ice. He has so many diamonds on his chest that his chest is cold, and chest colds cause caughing.
Busta is rich enough with so-called Arab Money to gamble that money in a casino with presumably the now-deceased Palestinian leader, Yessir Arafat. Alternately, he could be suggesting that he is so wealthy he can use Mount Arafat as currency.
Salaat is an Islamic prayer ritual that involves, amongst other things, bowing, as well as "sudjood" which is to prostrate oneself, on hands and knees, touching one's nose and forehead to the ground.
Busta is referring to the seven star hotel in Dubai, the Burj Al Arab, which is the world's only 7 star hotel. Maybach, of course, is a manufacturer of premium luxury automobiles.
Prince Al-Waleed bin Talal Al Saud is a member of the Saudi royal family and is the 22nd richest person in the world. Al-Waleed's wealth allows him a life of excess, including fine dining, the likes of which Busta Rhymes wishes to partake.