Heat rice, broth, and saffron in medium saucepan over medium-high heat. Bring to a boil. Reduce heat to maintain a gentle boil; cook, covered, for 45 to 50 minutes. Keep covered the entire time or rice will not cook evenly.
While rice is cooking, heat oil in a large ovenproof saucepan over medium-high heat. Add shallots, garlic, bell peppers, mushrooms, and eggplant; cook, stirring frequently, for 5 to 6 minutes or until bell peppers are tender.
Add olives, salt, pepper (if desired), and cumin; cook for 1 minute.
Preheat oven to 400° F.
Add rice, tomatoes, and peas to bell pepper mixture; mix well.