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Heat oil in medium saucepan over medium heat. Add almonds; cook, stirring frequently, until light golden brown, about 3 minutes. Using slotted spoon, transfer to small bowl; set aside.
In same saucepan, stir in onions; cook, stirring, until translucent, about 5 minutes. Add Sazón, salt, cardamom, nutmeg and cinnamon. Cook, stirring, until spices are fragrant, about 30 seconds. Add rice; continue cooking until rice is completely coated and begins to toast, about 1 minute.
Stir in water, milk, apricot and raisins; bring to boil. Reduce heat to medium low. Simmer, covered, until water is absorbed and rice is tender, about 15 minutes. Fluff with fork; garnish with reserved almonds and serve.