In a medium-sized skillet, heat the oil over medium-low heat. Add onions and cook until translucent, about 5 minutes, stirring frequently. Stir in the sweet peppers and tomatoes and cook for about 5 minutes.
Add the bay leaf, garlic powder, paprika, saffron, salt, and pepper. Stir in vegetable broth and increase heat to bring to a boil.
As soon as the water comes to a boil, add the rice and reduce heat to low. Cover the skillet and let the rice simmer until the liquid is absorbed, about 30 minutes. When rice is tender, turn off heat.
4. Garnish and serve: Add the fresh parsley and chopped almonds. Remove bay leaf and serve.
If you have a hard time finding saffron, use a pinch of turmeric to give the rice a traditional yellow tint.