Heat the vegetable oil in a large pot over medium heat. Add the chopped onion and cook until softened and translucent, about 5-7 minutes. Add the minced garlic and cook for another minute.
Add the beef cubes to the pot and cook until browned on all sides, about 5-7 minutes.
Stir in the sweet paprika, caraway seeds, ground cumin, dried marjoram, dried thyme, and black pepper. Mix well and cook for another minute. Add the tomato paste and stir to combine.
Pour in the beef broth and water. Stir well, making sure to scrape up any browned bits from the bottom of the pot.
Bring the mixture to a boil, then reduce the heat to low. Cover and simmer for about 1 hour, or until the meat is tender.
Add the chopped bell peppers and diced potatoes. Continue to simmer, uncovered, for another 20-30 minutes, or until the vegetables are tender.
Season with salt to taste. Garnish with fresh parsley before serving.
Enjoy your meal!