According to the documentation at the following link, there are 2 ways to upgrade an SQL Anywhere.
Upgrades of Version 10 and Later Databases
Does SAP recommend that rebuild the database using unload and then reload? Or does SAP recommend upgrading the database using dbupgrad utility?
SAP SQL Anywhere
upgrade, dbupgrade, rebuild, reload, dbunload unload, backup, SQL Any, SQA, sybase , KBA , BC-SYB-SQA-UTL , SQL Anywhere - Utilities , How To
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