As King David says in this verse, “The earth is Hashem’s and all that it holds.” Just as the creator of a piece of art is the owner of his masterpiece, God, as creator, is the owner of the entire world. Only a creator can see the full potential of his creation, have a vision for its destiny and decide with whom to share it. Such is Hashem’s relationship with the world. He built it with a vision and shared it with mankind. As is stated over and over in the Tanakh, He chose to give the Land of Israel to the Jewish people.
Source: Israel in the News