Heat olive oil in a large pot over medium heat. Add onions, bell peppers, and garlic. Cook for 3–5 minutes until softened and fragrant.
Build the Base:
Stir in diced tomatoes, tomato paste, paprika, thyme, and cayenne pepper. Cook for 2–3 minutes, allowing the flavors to combine.
Simmer the Broth:
Pour in seafood stock or water. Bring to a gentle simmer and let it cook for 10–15 minutes to develop flavor.
Cook the Shrimp:
Add the peeled and deveined shrimp to the stew. Cook 3–5 minutes until the shrimp turn pink and opaque.
Add Cream (Optional):
Stir in heavy cream or coconut milk for extra richness. Adjust seasoning with salt and pepper.
Serve:
Ladle the stew over steamed rice or serve with crusty bread. Garnish with fresh parsley or green onions.
