Heat the olive oil in a large pot over medium-high heat and brown the beef on all sides, then remove and set aside.
Add the onion to the same pot and cook until soft and golden, about 5 minutes.
Stir in the garlic, bell peppers, and mushrooms, and cook for another 5 minutes until softened.
Add the tomato paste, turmeric, salt, black pepper, and cinnamon, and stir to coat the vegetables.
Return the beef to the pot, pour in the water or broth, and bring to a simmer.
Cover and cook on low heat for 1 to 1.5 hours, stirring occasionally, until the meat is fork-tender and the sauce has thickened.
Taste and adjust the seasoning if needed.
Serve hot over cooked rice.