I see him, but he is not here now. I look at him, but he is not near

Balaam is having a vision of a future event. The word "him" refers to a future leader of Israel.

A star will come out of Jacob

Here "star" refers to an Israelite king that will rise in power.

"from among the descendants of Jacob"

This means the same thing as the first part of the sentence. Here "scepter" refers to a powerful king.

"from among the Israelites in the future"

Possible meanings are 1) he will break the heads of the leaders of Moab or 2) he will destroy the leaders of Moab.

This also refers to the Moabites, who were descendants of Seth.