In a bowl, combine sugar, oil, eggs and vanilla; mix well. Combine the flour, baking soda, salt, cinnamon and nutmeg; add to egg mixture and mix well. Stir in apples, almonds and raisins. Pour into a greased and floured 10-in. fluted tube pan.
Bake at 350° for 1-1/4 to 1-1/2 hours or until a toothpick comes out clean. Cool for 15 minutes before removing from pan to a wire tack to cool completely.
In a saucepan, combine glaze ingredients; cook over low heat until sugar is dissolved. Prick top of cake with a fork; drizzle with glaze.