Open-sourced large language models (LLMs) have exhibited remarkable performance in a variety of NLP tasks, often catching up with the closed-sourced LLMs like ChatGPT. Among these open LLMs, LLaMA-3-70B has emerged as the most recent and the most prominent one. However, how LLaMA-3-70B would situate itself in multilingual settings, especially in a rich morphological language like Arabic, has yet to be explored. In this work, we focus to bridge this gap by evaluating LLaMA-3-70B on a diverse set of Arabic natural language generation (NLG) benchmarks. To the best of our knowledge, this is the first study that comprehensively evaluates LLaMA-3-70B on tasks related to Arabic natural language generation. Our study reveals that LLaMA-3-70B lags behind the closed LLMs like ChatGPT, both in modern standard Arabic (MSA) and dialectal Arabic (DA). We further compare the performance of LLaMA-3-70B with our smaller and dedicated finetuned Arabic models. We find that both LLaMA-3-70B and ChatGPT are outperformed by comparatively smaller dedicated Arabic models, indicating the scope for potential improvement with Arabic-focused LLMs.