In the ancient Hebrew words that are used to described distance and direction are also used to describe time. The Hebrew word for east is qedem and literally means "the direction of the rising sun".
We use north as our major orientation such as in maps which are always oriented to the north. While we use the north as our major direction the Hebrews used the east and all directions are oriented to this direction.
For example, one of the words for south is teyman from the root yaman meaning "to the right".
The word qedem is also the word for the past. In the ancient Hebrew mind the past is in front of you while the future is behind you, the opposite way we think of the past and future.
The Hebrew word olam means in the far distance. When looking off in the far distance it is difficult to make out any details and what is beyond that horizon cannot be seen. This concept is the olam. The word olam is also used for time for the distant past or the distant future as a time that is difficult to know or perceive.
This word is frequently translated as eternity or forever but in the English language it is misunderstood to mean a continual span of time that never ends. In the Hebrew mind it is simply what is at or beyond the horizon, a very distant time. A common phrase in the Hebrew is l'olam va'ed and is usually translated as forever and ever but in the Hebrew it means to the distant horizon and again meaning a very distant time and even further and is used to express the idea of a very ancient or future time.
[Summary taken from The Living Words - Volume 1, by Jeff Benner]