Make sure you stay tuned to VAVEL UK for our report and then all the post-match reaction. I've been Matt Dawson, thanks very much for joining me!
A bit of fun then to end, if you can call it that. The score finished 1-1 after 90 minutes with Vietto and Smith Rowe scoring. Arsenal's penalties were then pretty terrible as they lost out to Atletico.
ADAN SCORES! Well he's made three saves and now he's scored the winning penalty, hitting it in off the bar to beat Cech. Atleti win the shoot-out 3-1.
ADAN SAVES AGAIN! Extremely poor penalty from Nketiah. 1-2.
MOLLEJO SCORES! He slides home. 2-1 Atletico.
MAITLAND-NILES SCORES! As cool as you like from the young midfielder as he dinks the ball down the middle. 1-1 after three penalties each.
CECH SAVES! Another penalty denied as Garces is kept out. 0-1.
WILLOCK DENIED! It's a strange run up from Willock and then his penalty isn't the best as Adan saves again. 0-1.
HERNANDES SCORES: The midfielder lifts the ball straight down the middle and we are up and running. 0-1.
ADAN SAVES! We remain level in the shoot-out as Adan denies Mkhitaryan's penalty. 0-0.
CECH SAVES! Correa is first up for Atletico but the Arsenal goalkeeper sprawls to his right to make the save. 0-0.
Time for penalties!
A pretty uneventful second half due to the mass substitutions that happened. Arsenal looked good for the first 15 minutes of the second period and that fantastic strike from Smith Rowe was what they deserved from the game. We go to a penalty shoot-out.
FULL TIME: Arsenal 1-1 Atletico Madrid.
90' Four minutes added on at the end of the 90.
86' A chance at the back post for Mavropanos from Lucas Perez's corner but he puts it wide for the Gunners.
85' Into the final five minutes in Singapore. It's worth noting that International Champions Cup matches go straight to penalties if they finish all square after 90 minutes.
82' Nketiah gets down the side after being fed by Maitland-Niles but his shot at the end of it is saved by Adan.
81' A first yellow card of the game as Calum Chambers is booked.
75' Another Arsenal change too. Guendouzi is replaced by Joe Willock.
75' A host of changes for Atletico now. This is all rather difficult to keep up with. Aitor, Borja, Isaac, Mollejo, Carro, Solano and Tachi are on. Olabe, Gameiro, Montero, Moya, Juanfran, Vietto and Partey are off.
72' The flow of the game has rather died now, which is to be expected following all of those Arsenal changes.
64' A change for Atletico as Pinchi replaces Joaquin.
62' Multiple substitutions for Arsenal here. Ainsley Maitland-Niles, Konstantinos Mavropanos, Henrikh Mkhitaryan, Eddie Nketiah, Soktratis, Lucas Perez, Calum Chambers and Jordi Osei-Tutu are all on. Aubamayang, Bellerin, Mustafi, Lacazette, Smith Rowe, Nelson, Ramsey and Holding all off.
58' Incredibly poor from Arsenal who have had a shocker at the back, leaving them very fortunate not to go behind again. Guendouzi loses the ball to Gameiro and then Ramsey doesn't clear properly. Gameiro finds Vietto whose shot is saved well by Cech and then the follow up from Correa fails to find the net too. The Gunners living very dangerously.
57' The Gunners have started the second half as they did the first. More dominant in possession again with Lacazette and Nelson proving lively.
Arsenal are level right after the break and it's a sensational bit of play from 17-year-old Smith Rowe. He glides inside, beats two men and then gets to the edge of the area before curling a brilliant effort into the top corner. All square in Singapore.
47' GOAL ARSENAL! Emile Smith Rowe.
There's been one change each at the break for Arsenal and Atletico. Cech has replaced Leno in goal whilst the Spanish side have also changed goalkeeper with Adan coming on for Oblak.
Luciano Vietto's goal separates the two going into the break then. Arsenal started well and had the majority of the possession throughout the first quarter. However, Atletico came back into the game nicely and deserved their goal. It was poor defending from Holding but an excellent header to divert the ball past Leno.
HALF TIME: Arsenal 0-1 Atletico Madrid.
46' Into one added minute at the end of the first half.
45' Smith Rowe's corner is met by the head of Holding who looks to make up for his error for the goal but he is off target.
44' Excellent from Reiss Nelson on the right whose trickery gets him away from two men. He pulls the ball back which comes off an Atletico man. Corner Arsenal.
We have the first goal of the game and it's gone the way of Atletico Madrid! Correa turns Rob Holding too easily and then picks out Vietto who fires the ball past Leno with an excellent header.
41' GOAL ATLETICO! Luciano Vietto.
39' Emile Smith Rowe and Lacazette combine nicely in the final third and the striker then gets a shot away. Oblak makes the save but it goes only as far as Nelson who is there on the follow up but the defender does well to stop him getting a clean contact on the ball.
32' Really good football from Arsenal as Ramsey turns the ball round the corner into Lacazette, who then gets the ball out of his feet but the angle is narrow and Oblak makes the save.
31' Atletico coming into the game well now. Vietto is the next to try his luck but fires over on the half volley from a shot outside the box.
29' Juanfran races down the right flank and pulls the ball back from the byline. It finds Correa but Mustafi gets the block in. The Argentine should have done better.
25' Reiss Nelson struggles to clear down the Arsenal left-hand side which allows Partey space on the edge of the box. He lines up a shot but gets it all wrong, hammering it high over the bar for Atletico.
24' Atletico get in behind for the first time in the match as Gameiro gets between Holding and Kolasinac but the ball over the top can't quite reach the French striker and goes out for a goal kick.
22' Best chance of the game so far as Ramsey gets down the left for Arsenal and then finds Lacazette. His first touch evades him but he's then strong to win the ball back from the defender before forcing Oblak into a save at his near post.
16' Guenzoudi wins a free-kick for the Gunners but Aubameyang's set play is straight into the wall.
13' The resulting corner finds Aubameyang at the back post but he is off target with his effort.
13' Emile Smith Rowe tries towards the edge of the box before feeding Lacazette down the right channel. The Frenchman then wins a corner for his side.
12' New French signing Matteo Guenzoudi tries his luck from range for Arsenal but the ball goes harmlessly over the bar.
10' Positive start from Arsenal here who have dominated the ball in the opening ten minutes.
5' Aubameyang has the first shot of the game as Nelson finds him but the Arsenal forward can't find the net.
1' Arsenal get us underway.
The teams are out in Singapore!
We are fast approaching kick off now. It'll be hugely intriguing to see how Arsenal fare under Unai Emery. Gunners fans will be keeping a keen eye over proceedings to get an early glimpse into what sort of system and style they could see this season.
Atletico's side doesn't contain many regular faces but they still have the experience of Juanfran at the back whilst Oblak starts in goal. Correa, Gameiro and Vietto play in forward areas. Even without Griezmann and co they still have talented players in attack.
So for Arsenal, Bernd Leno and Matteo Guendouzi make their first official starts for the club. Aaron Ramsey takes the armband, whilst there promising young players Reiss Nelson and Emile Smith Rowe play from the off. Lacazette and Aubameyang spearhead an exciting forward line. There is no Ozil, Iwobi or Elneny on the bench. They are in the early stages of their pre-season but may feature off the bench against PSG on Saturday instead.
Atletico XI: Oblak, Juanfran, Montero, Partey, Moya, Rodrigo, Olabe, Joaquín, Correa, Gameiro, Vietto.
Arsenal subs: Cech, Sokratis, Chambers, Osei-Tutu, Mavropanos, Willock Mkhitaryan, Maitland-Niles, Lucas, Nketiah.
Arsenal XI: Leno, Bellerin, Mustafi, Holding, Kolasinac, Ramsey, Guendouzi, Nelson, Smith Rowe, Aubameyang, Lacazette.
Under an hour until kick off now, and we have your starting line-ups.
Arsenal, of course, have a new head coach now and the intensity of that game is unlikely to be replicated in this pre-season clash. To see how Emery fares in his first real test since joining the club, continue to follow us from around an hour before kick-off for the confirmed starting XIs and then all the action.
The two team's met as recently as May, when Atletico dumped Arsenal out of the Europa League in Arsene Wenger's final European match in charge after 22 years. Lacazette and Griezmann scored in a first leg which finished 1-1, but Costa was on hand to seal the Spanish side's place in the final in the second leg.
Diego Simeone's side still contains top quality, though. Jan Oblak and Juanfran are included in the squad, whilst Angel Correa and Kevin Gameiro have the ability to cause problems in attack.
Atletico have been hit harder by the World Cup, and they will be without some key names for the clash. Antoine Griezmann, Lucas Hernandez, Thomas Lemar and Sime Vrasaljko won't be appearing after reaching the World Cup final with their respective nations. Diego Godin, Filipe Luis, Saul, Koke and Diego Costa are also still not yet back.
Emery will be without a few players, however, with some being given extended breaks following the World Cup. New signings Lucas Torreira and Stephan Lichtsteiner will not appear in Singapore whilst more familiar faces in David Ospina, Nacho Monreal, Granit Xhaka and Danny Welbeck are also missing. Bernd Leno, Sokratis and Matteo Guendouzi are all in the squad.
The Gunners go into this game with the majority of their squad intact after the World Cup. Alex Iwobi and Mohamed Elneny have returned after missing the opening weeks of pre-season, whilst Mesut Ozil, following a controversial week in which he quit international football is also back. He'll be wearing the number 10 shirt now Jack Wilshere has left. The likes of Pierre Emerick-Aubameyang and Alexandre Lacazette have both had a full pre-season so far.
The opening two game's of Arsenal's International Champions Cup are taking place in Singapore, where the club have been based for the last few days as they ramp up their pre-season preparations. Unai Emery's tenure in charge of the club started in dominant fashion with an 8-0 win over Boreham Wood. Arsenal also played two behind closed door friendlies, beating Crawley and losing out to Brentford. Today will be a completely different proposition.
Arsenal's tournament gets underway with today's game against Atletico Madrid, before the two side's then meet PSG. The Gunners concluding fixture is against Chelsea in Dublin. Atletico's final game is against Inter Milan.
A good place to start would be with revealing exactly what the International Champions Cup is. It's a pre-season tournament consisting of 18 top calibre European teams with fixtures taking place in 22 different cities around the globe. The teams will be ranked upon three matches they play, with the best side crowned champions.
Hello and welcome to VAVEL UK's live text commentary of Arsenal v Atletico Madrid in the International Champions Cup. I'm Matt Dawson and I'll be taking you through today's game which is set to kick off at 12.35pm.