I believe it is. Santiago decides to pursue his personal legend because it is what is in his heart, and as Christians we this is the way in which God speaks to us. The author also uses passages from the Gospels in the narrative. Another example is the extent to which the boy is taught to recognize the beauty of God's universe in a grain of sand. I believe you will find some Christian value here. Enjoy!
If you liked The Alchemist, you'll also enjoy Mystic Warrior: A Novel Beyond Time and Space. Mystic Warrior won the Independent Publisher Book Award for Visionary Fiction and a Nautilus Silver Book Award for Fiction/Visionary Fiction. (Deepak Chopra won the Nautilus Gold that year.)
It takes place in a world where psychic abilities like telepathy, remote viewing and astral projection are used (and abused) by both ordinary people and those at the highest levels of government and world leadership. Mystic Warrior: A Novel Beyond Time and Space
This was his best book by far. The only other one I enjoyed and I have read almost all his books, was The Devil and Miss. Prym. He just got really lucky with the alchemist b/c if he hadn't written that book, we wouldn't even know his name!