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Lit., "the begetter and that which he has begotten". According to Tabari's convincing explanation, this phrase signifies "every parent and all their offspring" - i.e., the human race from its beginning to its end. (The masculine form al-walid denotes, of course, both male and female parents.)
A parent loves a child: ordinarily the father is proud and the mother, in spite of her birth-pains, experiences supreme joy when the child is born. But in abnormal circumstances there may be misunderstanding, even hatred between parent and child. So Makkah cast out her most glorious son, but it was only for a time. Makkah was sound at heart; only her power had been usurped by an ignorant autocracy which passed away, and Makkah was to receive back her glory at the hands of the son whom she had rejected but whom she welcomed back later. And Makkah retains for all time her sacred character as the centre of Islam.