He is God in heaven and God on earth, and He is all-wise and all-knowing.
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Tafseer
'Abdullāh Ibn 'Abbās / Muḥammad al-Fīrūzabādī
تفسير : (and he it is who in the heaven is god) he is the god of everything that is in the heaven, (and in the earth god) and he is the god of everything that is in the earth. (he is the wise) in his command and decree, (the knower) of his created beings and providence.
Jalāl al-Dīn al-Maḥallī
تفسير : and he it is who in the heaven is god (fi’l-samā’i ilāhun: pronounce here both hamzas, or drop the first one or softening it into a yā’), in other words, [who in the heaven] is the worshipped one, and in the earth is god (both adverbials are semantically connected to what follows); and he is the wise, in the management of his creatures, the knower, of their welfare.