This psalm praises Hashem for the kindness and mercy He has shown to the People of Israel throughout history. Each line praises God for a specific act of grace, and ends with the refrain, “His steadfast love is eternal.” The psalm begins with an account of different aspects of creation, continues with the exodus from Egypt and the travels in the desert, and concludes with the conquest of the lands of the eastern side of the Jordan river. Though it mentions that God gave the lands of Sihon and Og to the People of Israel as an inheritance, the psalm does not contain a line that explicitly praises Him for bequeathing the actual Promised Land to His people. Instead, it speaks of Hashem’s constant presence in their lives, remembering His people even in their “degradation” and delivering them from their enemies. According to some interpretations, this refers to Hashem’s dedication to the people even after they sin and are expelled from the land. It seems that the psalmist takes for granted that God has designated the Land of Israel for His nation. Thus, he sings praises for all the events which led to the acquisition of the land, and about what happened after its settlement , but does not need to mention the actual settling of the land itself.
Source: Israel in the News