Pour hot water over the 2 dried chilli peppers and soak for 30 minutes.
Remove the soaked chilli peppers from the water, discard the stems, and roughly chop them into pieces.
Peel 1 large garlic bulb or 2 small ones and cut the cloves into large pieces. Cut the ½ red bell pepper into pieces.
Combine the chopped chilli peppers, garlic pieces, 4 tablespoons tomato paste, 1 teaspoon salt, ½ teaspoon hot paprika, ½ teaspoon cumin powder, and 50 ml white wine vinegar in a tall container.
Use a hand blender to chop the mixture until it's evenly creamy.
While continuing to blend, slowly add the 200 ml olive oil a little at a time. Make sure each addition is fully incorporated before adding more. Blend until well combined.