Place a medium-size pot over medium heat with the saffron and chicken stock. Bring the up to a simmer and reserve warm.
Place a large, high-sided skillet over medium-high heat with 1 turn of the pan of EVOO, about 1 tablespoon, and 1 tablespoon butter. Season the chicken with salt and pepper, and cook in the pan until golden brown, 4-5 minutes per side. Remove the chicken to a plate and reserve, covered with foil.
Melt the remaining 2 tablespoons butter in the pan. Add the pasta to the pan and cook until toasted and golden brown, 2-3 minutes. Add the rice to the pan, tossing to coat in the butter, along with the onion and garlic. Cook, stirring occasionally, until the veggies are tender, about 5 minutes.
Add the bay leaf, cinnamon, turmeric, saffron-infused stock and reserved chicken to the pan. Bring the liquid up to a bubble, cover the pan, then reduce the heat to medium and simmer until the chicken is cooked through and the rice is tender, 15-18 minutes. Stir in the peas and parsley, remove and discard the bay leaf, and serve.