Combine milk, water, sugar, and saffron in a saucepan. Bring to a boil over medium heat, and cook until the sugar has dissolved. Remove from heat and set aside.

Melt butter in a large vessel over medium low heat. Add cardamoms and semolina, and gently roast until gold and fragrant, about 10 to 12 minutes.

Gently add milk mixture, while exercising caution as the milk will sputter when added to the semolina. Gently stir to avoid any lumps from forming. Cook and stir until the liquid has been absorbed, and the halwa starts to pull away from the sides of the pan, about 5 to 7 minutes.

Remove from heat and garnish with nuts.

Serve warm or at room temperature.