Heat the oil in a large frying pan over a medium-low heat and cook the onion for about 5 minutes, until soft. Add the drained rice, cinnamon, cloves, bay leaf, cashew nuts and sultanas, and stir-fry for 2 minutes over a medium heat. Add the water to the pan with the salt. Cover tightly, turn the heat to low and simmer for 20 minutes, or until all the water has been absorbed and the rice is tender and fluffy, adding a little extra water during cooking, if necessary.