Where should a dispute between a united Arab Emirates company based and a United Kingdom company based be mediated?

Legally contract/agreement between international entities should contain a locus contractus/ locus in quo and a precision on how and where disputes should be resolved in case of a non-respect of contractual obligations, but if for any reason it is not mentioned, disputes can be resolved by either of the two countries and any other competent jurisdiction of the choosen of the contracting parties (privy)

International Arbitration may be one best way of having resolution for the dispute between two different nationalities commercial organizations. It may set up arbitration process anywhere based on the choice and agreed mutually between them. Can be any place in UAE or UK or may be outside the UAE  and UK as well as per my knowledge according to the Arbitration Act, we follow in India. Thanks.

Such point should be covered under the provisions of the contract, in my opinion, it is a must to mention the Jurisdiction, Governing Law and the way of settleing disputes either by Arbitration or by a court in all kind of contracts/agreements. If the same is not mentioned, so the dispute can be settled in either country. 

This is predicated upon the agreement between the parties as the agreement reflect the will of the parties and stipulates exactly the details in the contractual provision. 

The short answer is: Check the Contract for a specific provision for the this important issue, for a good standard contract that is drawn by a Legal expert will have an express provision covering this area of dispute resolution.