The Gunners, who had lost to Chelsea and drawn with Swansea City in their previous two games, came from behind at the Emirates Stadium to earn a credible point against title rivals City.
The result has left Arsenal seven points behind leaders Liverpool in the table with six games to play.
"It means a lot after two disappointing results in a row," Arteta told the club's official website.
"After we went 1-0 down, mentally we were really strong and showed great belief. We were playing against one of the best teams in the country and we had the best situations in the game.
"We all came together again and fought a lot and deserved at least a point. The lads had a great response, and I thought we could have nicked a goal to win it. I liked the character and the desire the team showed."
Arsenal continue their Premier League campaign this Saturday when they make the trip to Everton.