In a small saucepan, stir together the sugar and water. Bring to a boil and add the walnuts. Boil for 2 minutes, then drain and spread the walnuts on a cookie sheet to dry.
In a medium bowl, stir together the mayonnaise, honey, and
sweetened condensed milk. Set aside.
Whip the egg whites in a medium bowl until foamy. Stir in the arrowroot powder until it has a pasty consistency.
Heat the oil in a heavy, deep skillet over medium-high heat. Dip the shrimp into the egg batter, and then fry in the hot oil until golden brown, about 5 minutes. Remove with a slotted spoon and drain on paper towels.
Toss the cooked shrimp to coat in the sauce and sprinkle the candied walnuts on top.