We came back from two goals down to lead this Christmas cracker of a game - but had to settle for a point.
Liverpool were more incisive in the first half and deservedly led through Philippe Coutinho’s looping header.
The visitors could have had more before the break but did double their lead when Mohamed Salah’s shot was diverted beyond Petr Cech by a deflection off Shkodran Mustafi.
We looked dead and buried but - incredibly - we were ahead within 388 seconds of Salah giving Liverpool some breathing space.
First Alexis got in front of Joe Gomez to nod Hector Bellerin’s cross past Simon Mignolet from close range.
Then Granit Xhaka unleashed a thumping shot from outside the box and Mignolet could only help it into the net.
The turnaround was completed by Mesut Ozil, who picked out Alex Lacazette inside the box and ran on to collect his clever backheel before lifting the ball over Mignolet from a narrow angle.
There was pure pandemonium at the Emirates but Liverpool regrouped. And they equalised when Roberto Firmino’s shot was parried by Cech - and dropped under the crossbar.
Mignolet tipped over from Bellerin and Salah fired just wide as both sides went for all three points.
But despite this fixture’s history of late drama - especially on a Friday - there was no stoppage-time winner.
HOW IT HAPPENED
See how the match unfolded and get some standout stats with our play-by-play commentary
WHAT IT MEANS
This draw means we stay in fifth place in the Premier League - one place and one point behind Liverpool.
Christmas is next, but our Premier League campaign resumes next Thursday with a trip to Selhurst Park to face Crystal Palace.
Then we finish 2017 with a New Year’s Eve game at West Bromwich Albion.
Petr Cech made his 100th appearance for us - but he’ll have to wait a bit longer for his 200th Premier League sheet.
All the same, Petr had to be at his best to keep Liverpool within touching distance - especially in the first half.
22 mins - Robertson’s deep cross finds Firmino unmarked at the far post, but Cech gets across to push away his header
44 - Koscielny slips to send Salah through on goal, but Cech makes a great save to keep him out and Mane volleys the rebound over
48 - Liverpool break at pace, Salah gets a return pass from Mane and makes room for the shot - but Cech denies him
62 - Mane gets free at the back post but Cech stands firm to block his fierce low shot
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