Hi @Manthi Perera 

This is not available in Cloud and the closest reason I can think of is that it’s being used mainly for the Execute Online SQL event action type which will be phasing in upcoming cloud releases.

However, Timing is a parameter available for Workflow type event actions which serves as same as Fire when parameter, and in addition, it can run asynchronously.

• Timing: Choose when the instance of the workflow will start with regards to the event. The supported options are Before, After and Asynchronously.
  • Before: The workflow execution starts within the same transaction before the event.
  • After: The workflow execution starts within the same transaction after the event.
  • Asynchronously: The intention to start the workflow is logged within the same transaction. The workflow is executed asynchronously in separate transaction. 

read more on this here:

Manage Event Actions - Technical Documentation For IFS Cloud

Hope it helps!

Damith