A katakana rendering of the expression “far away.” In Japanese it is more likely to appear in titles, lyrics, names, or quoted English-style wording than as the usual everyday way to say 遠く.
In the lyrics, “far away” refers to a distant place.
近く means “nearby,” the opposite of ファラウェイ's sense of “far away.”
Only a katakana form is given; no etymology is specified. It visually represents the foreign expression “far away,” but no detailed origin is provided.