Soften saffron in hot water in a small bowl. Set aside.
Combine butter and olive oil in heavy medium saucepan over medium heat, allowing butter to melt.
Add the chopped onion, ground cloves and cayenne pepper and sauté for about 5 minutes.
Add the rice and stir to coat the grains, about 2 minutes. Mix in the chicken broth, saffron mixture, dried apricots and currants. Bring to a boil. Cover and reduce heat to low.
Meanwhile toast the nuts by preheating the oven to 350 degrees F. Spread nuts out evenly on a baking sheet and toast for about 8-10 minutes. Set aside to cool.
Cook rice until tender and the liquid is absorbed, about 15 to 18 minutes. Fluff rice with fork.
Add toasted almonds and pistachios and season with salt and pepper.