In a medium saucepan, combine the sugar and the water. Stir, then place the saucepan on the stove over medium high heat. Let it cook without stirring until sugar dissolves, then turns into the amber brown color of caramel. This will take around 10 minutes.
Removing the pan from the heat, drizzle in the heavy cream slowly whisking while doing so. Return to the heat, and continue whisking. The caramel might seize up initially but will then smooth out over the heat.
Add the butter, and whisk until combined. Remove from the heat, and whisk in the salt, rose water, and orange blossom water.
Let the caramel cool slightly. It will thicken as it cools, then you can place it in a glass jar. Leftovers can be stored in the fridge for two weeks or so.