Heat the olive oil in a large pot over medium heat. Add the diced onion and sauté until softened and lightly golden. Add the cubed beef and cook for 5 minutes until browned on all sides.
Stir in the tomato sauce, salt, and black pepper. Add the water or beef broth and bring to a gentle boil. Reduce the heat to low, cover, and simmer for about 20 minutes, or until the beef becomes tender.
Add the cubed potatoes and cook for 10 minutes.
Stir in the peas and carrots and continue cooking for another 15 minutes until the vegetables are tender and the sauce thickens slightly.
Taste and adjust seasoning if needed.
Garnish with chopped parsley and serve warm with pita bread or Egyptian rice with vermicelli.