If the pipe is not leaking, it might be worth a coat of Hammerite, or something similar.
If it is leaking, remember it's just a hydraulic hose. You don't need to pay Saab prices for a replacement. Get a pattern part made up at your local hydraulic shop. Someone like Pirtek, but check your yellow pages. Or better still ask a local JCB driver and find out where he goes to get his hoses fixed.
Saab price is near £150 for the assembly. I know someone who had a new part made locally, using the original as a pattern, for £35.
Don't be tempted to shorten the route of the pipe or remove the metal section. The metal loop is there to act as a cooler.