In a medium saucepan, add the olive oil and heat gently over medium high heat. Add the onions and saute for 2-3 minutes or until translucent and fragrant. Add the garlic and continue cooking for an additional 2 minutes.
Once fragrant, add the saffron, cayenne pepper and preserved lemon. Continue cooking for 2 minutes.
Continue by adding the rice to the pan, stirring continuously for 2 minutes. Season with salt and pepper then add the water and cover the pot. Lower the heat to simmer and cook, covered for 20 minutes.
Remove from heat and allow to sit for an additional 5 minutes, covered. Remove the cover, fluff with a fork and garnish with toasted almonds and chopped parsley.