Heat the olive oil in a large heavy-bottomed pot over medium heat. Place the chicken thighs skin-side down and sear for 3-5 minutes, then flip and sear the other side for about 3 minutes. Transfer the thighs to a large platter and set aside. Work in batches as needed.

Lower the heat to medium-low and add the onion to the same pot. Mix with a spatula, scraping up any chicken fat that has stuck to the bottom. Cover and allow to soften for 5-7 minutes. 

Uncover and add the salt, pepper, garlic, saffron water, lemon juice, ginger, cilantro, and olives. Mix to incorporate and cook for another 5 minutes.

Return the chicken thighs to the pot and add the water. Cover and cook over medium-low heat until the chicken is cooked through and tender, and the sauce has thickened, about 40 minutes.