Place the Egyptian rice in a fine-mesh sieve and rinse lightly. Set the sieve over a deep bowl and allow the rice to drain completely until dry. In a skillet, heat a little oil and sauté the rice for 2 minutes, stirring to coat it evenly. Turn off the heat and set aside.
In a medium nonstick pot, heat the olive oil over medium-low heat. Add the finely chopped onions and cook, stirring continuously with a wooden spoon, until evenly caramelized. Do not walk away, as the onions can burn easily. Once they reach the desired color (as shown in the photo), remove the pot from the stovetop to prevent further cooking.
To the caramelized onions, add boiling water and return the pot to the stovetop over medium-low heat. Stir in salt, pepper, a cinnamon stick, cumin, bay leaf (or leaves), tomato paste, chopped green bell pepper, chopped green chili pepper, mince garlic and, optionally, one vegetable bouillon cube (see notes). Stir well until fully incorporated. Let the broth simmer for 1 minute before adding the rice. Taste and adjust the seasoning as needed.
Add the sautéed rice to the simmering broth. Increase the heat to medium-high and cook uncovered for 3–5 minutes, until most of the liquid evaporates. Reduce the heat to low, cover, and cook for 15–20 minutes.
Serve the rice hot alongside fish, seafood dishes, or Salata Baladi (Egyptian Salad). Store leftovers in the refrigerator for up to 3 days, or freeze in ziplock bags for up to 3 weeks. To reheat, thaw overnight in the fridge and warm in the oven for a fluffy texture.