The 30-year old Spanish midfielder, now with Arsenal, joined the Toffees permanently in 2005 after a loan spell at Goodison Park and went on to be a key player for the Merseysiders before his shift to North London last summer.
Moyes says he wasn't 100% sure about Arteta after his time with Scottish giants Rangers, and during his time with Sociedad, but he is now glad he took a punt on the former Spain youth international.
"We were a bit unsure when he first came here. He was a bit lightweight to play in the middle and so we played him off the side and he was great there for us, he really was. Eventually he moved on to be a real key figure in that period and was a big part of us developing and moving Everton forward."